What is the relationship between protectionism and global economic governance?

The relationship between protectionism and global economic governance is complex. Protectionism refers to the use of trade barriers, such as tariffs and quotas, to protect domestic industries from foreign competition. On the other hand, global economic governance refers to the rules, institutions, and agreements that govern international economic relations.

Protectionism can have both positive and negative effects on global economic governance. On one hand, protectionist measures can undermine the principles of free trade and hinder the functioning of global economic governance systems, such as the World Trade Organization (WTO). This can lead to trade disputes, retaliation, and a breakdown in cooperation among countries.

On the other hand, protectionism can also be seen as a tool used by countries to address certain economic concerns, such as protecting domestic industries, safeguarding national security, or addressing unfair trade practices. In this sense, protectionism can be seen as a legitimate policy choice within the framework of global economic governance.

Overall, the relationship between protectionism and global economic governance is a delicate balance. While protectionist measures can challenge the principles of free trade and disrupt global economic governance, they can also be used as a means to address specific economic concerns. It is important for countries to strike a balance between protecting their domestic industries and maintaining a cooperative and open global economic system.