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THE FREE TRADE
THE ARGUMENTS FOR PROTECTION
E Tariffs Help to Diversify
5 other sections not shown
ability to transform advanced countries agriculture balance of payments basis capital accumulation capital resources Colombia commercial policy comparative advantage considerable country's demand curve developed countries diversification domestic products economic development economic growth economic overhead economies of scale effects efficient elasticity of demand eliminate employment establishment of import-competing factor endowments fiscal foreign demand free trade import-competing industries imports improvement increase inelastic infant industries International Financial Statistics International Trade investment Kindleberger labor market large number Latin America manufacturing industry marginal propensities ment monopoly multiple exchange rates near-monopoly objectives optimum tariff period Period Ratio possible potential economies primary commodities principles of comparative propensities to save protected industry protective tariffs rational tariff policy real income Real Wages reduced relatively result retaliation revenue tariffs Section sector shift social costs specialization stimulation subsidies tariff arguments Tariffs for revenue technological economies terms of trade thet tion underdeveloped countries World Exports Handled yards of cloth