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Free Trade vs. Protectionism

More trade tends to lead to more prosperity for a society. So everyone should favor completely free international trade, right? Well not exactly. Some economists promote protectionism, which restricts trade with other countries to protect domestic production from competition. Why would this be advantageous? What are the pros and cons of these two approaches to trade? Let's get a closer look! Script by Matt Beat:    / iammrbeat   Animation by Ignacio Triana:    / unraveled   Watch the whole Economics playlist: http://bit.ly/ProfDaveEcon Mathematics Tutorials: http://bit.ly/ProfDaveMath American History Tutorials: http://bit.ly/ProfDaveAmericanHistory History of Drugs Videos: http://bit.ly/ProfDaveHistoryDrugs General Chemistry Tutorials: http://bit.ly/ProfDaveGenChem Classical Physics Tutorials: http://bit.ly/ProfDavePhysics1 EMAIL► [email protected] PATREON►   / professordaveexplains   Check out "Is This Wi-Fi Organic?", my book on disarming pseudoscience! Amazon: https://amzn.to/2HtNpVH Bookshop: https://bit.ly/39cKADM Barnes and Noble: https://bit.ly/3pUjmrn Book Depository: http://bit.ly/3aOVDlT