The only time when I would condone protectionism would be the "infant industry" cases of emerging technologies and products that have promise as a US industry. However, having the highest amount of Research and Development in the world, the U.S. tends to be on the cutting edge of new products and technologies. As has been said, quotas and tariffs do not improve the domestic market's quality or choice when strictly used as a tool to promote industry. Eventually, things can be done cheaper elsewhere, and they will be. For example, besides a few cases such as American Appearal, can you name any American clothing manufacturers? Another case is the voluntary export restraints on Japanese autos. The cars came in cheaper and GM and Ford could not compete. When the Japanese cut exports, quality sank in most U.S. lines of autos and were able to raise their prices and so were the Japanese (they produced less and charged more), meaning more profits. Now, those profits are entering the U.S. in new production plants throughout the U.S. where the import restrictions don't exist since they are being produced here.
Excellent Commentary All The real question is whether or not globalization is truly a viable concept...in light of each country retaining its sovereignty with respect to its history and law formation... Globalization suggests the coupling of nations thus allowing their comparative advantages to show their face... However what globalization leaves out are the details of the supposed fair and level playing field...Globalization is sensible in that it allows those willing to create efficiencies in products that the worlds population wants to buy... Thus the buyers vote with their money as to what is fair...The US consumer has voted with their money by buying goods produced in China...If US citizens choose to vote for China...they can do so...and have already done it... The consumer cannot preserve globalization inefficiencies and move on with globalization... In simpler terms...US citizens are in the $100 to $1000 per day world...and are subtracting to a lower range...giving this difference to China and others who are substantially below this range... Are US citizens going to allow politicians to decide that items at wal-mart move up in price....I would suggest that these very politicians would not be around next time... Efficiency will win the game at the end of the day...whether the label is Globalization or not...