Which of the following is NOT a commonly heard argument for protectionism?

• A. Preventing unfair trade practices such as dumping
• B. Encouraging technological innovation through increased competition
• C. Protecting domestic jobs from foreign competition
• D. Safeguarding national security by limiting imports of strategic goods

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the concept of protectionism, which refers to government actions and policies that restrict or restrain international trade, often with the intent of protecting local businesses and jobs from foreign competition.
2. Step 2: Review common arguments for protectionism, which typically include: preventing unfair trade practices such as dumping, protecting domestic jobs from foreign competition, and safeguarding national security by limiting imports of strategic goods.
3. Step 3: Analyze the option 'Encouraging technological innovation through increased competition' and recognize that this argument actually supports free trade rather than protectionism, because increased competition from foreign firms tends to drive innovation.
4. Step 4: Conclude that the argument 'Encouraging technological innovation through increased competition' is NOT a commonly heard argument for protectionism, as it aligns more with the benefits of free trade.
5. Step 5: Summarize that protectionism is generally justified by defensive reasons (like protecting jobs or national security), whereas encouraging innovation through competition is a pro-trade argument.