What are the differences between free trade and protectionism?
Free trade and protectionism are two different approaches to international trade law in Georgia. Free trade refers to policies that allow countries to engage in unrestricted trade internationally. It is based on the premise that governments should not impose taxes, tariffs, or restrictions on imports and exports. This type of policy encourages competition by allowing goods and services to move freely between countries without any taxes or tariffs which can cause prices to increase. Free trade typically results in increased economic growth, lower prices for consumers, and improved standards of living. Protectionism, on the other hand, is based on the idea that governments should protect domestic industries from foreign competition by imposing taxes and other restrictions on imports. This type of policy can help protect domestic businesses from foreign competition, but it also limits the number of products available to consumers and can reduce economic growth by discouraging free trade. The main differences between free trade and protectionism are that free trade encourages competition and economic growth, while protectionism limits competition and can reduce economic growth. Free trade also typically leads to lower prices for consumers, while protectionism can lead to higher prices. Ultimately, the main goal of both policies is to promote economic growth in Georgia, but they accomplish this goal in different ways.
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