Protecting the Farm Industry

Paper Summary:

This work examines reasons for protecting the farm industry in the U.S. and researches the history, as well as the origin of protectionism in the farm industry. The paper questions who is protecting the farming industry and looks at the advantages, as well as the disadvantages. The paper also examines who is gaining and who is suffering from this policy.

Paper Outline:
Introduction
Historical Information
Tariff Timeline
Protectionism: The Facts
Advantages of Protectionism
Disadvantages of Protectionism
Who Gains from Protectionism
Failing Farms - Hungry People
Saving Farms - Feeding the Hungry
Summary and Conclusion
Works Cited

From the Paper:

"Those gaining from protectionist laws are "special interest groups" such as big corporations, unions, farmer's groups and others who have political clout and money to back their interests in seeing laws favorable for them passed. These groups intend to get away with charging higher prices and getting higher wages than could normally be expected in a free market. According to Walter Black, Senior Economist, Fraser Institute, Canada, "Protectionism is a misnomer. The only people protected by tariffs, quotas and trade restriction are those engaged in uneconomic and wasteful activity. Free trade is the only philosophy compatible with international peace and prosperity.""

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