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Second-best argument for protection |
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Second-best argument for protection1. Any argument for protection that can be countered by pointing to a different and less distortionary policy that would achieve the same desired result at lower economic cost. 2. An argument for protection to partially correct an existing distortion in the economy when the first-best policy for that purpose is not available. For example, if domestic production generates a positive externality and a production subsidy to internalize it is not available, then a tariff may be second-best optimal.Similar MatchesEndogenous protectionEndogenous protectionProtection that is explained as the outcome of economic and/or political forces. See political economy of protection. ProtectionProtection1. Without any adjective, or as "import protection," this refers to restriction of imports by means of tariffs and/or NTBs, and thereby to insulate domestic producers from competition with imported goods. 2. As "IP protection," or "intellectual property protection," this refers to enforcement of intellectual property rights by granting patents, copyrights, and trademarks and by prosecuting those who violate them. Investor Protection SchemeInvestor Protection SchemeSee: 'Financial Services Compensation Scheme'. Domestic distortions argument for protectionDomestic distortions argument for protectionSee second best argument. Building Societies Investor Protection SchemeBuilding Societies Investor Protection SchemeA scheme set up to give limited protection to people with share and/or deposit accounts in authorised building societies which fail. Building societies are regulated and supervised by the Financial Services Authority and this scheme was replaced by the Financial Services Compensation Scheme (FSCS) in December 2001. In the case of an authorised building society being wound up there is a provision to pay compensation of 90% of a person's shares and/or deposits up to a set maximum. Further SuggestionsCultural argument for protectionTariff protection Political economy of protection Content protection loan protection policy Marine Mammal Protection Act Nominal rate of protection Effective rate of protection Mortgage payment protection insurance (MPPI) Labor standards argument for protection Actual protection rate Fairness argument for protection Contingent protection Administered protection Foreign investment argument for protection Downside Protection Deposit Protection Scheme Labor standards argument for protection Self-sufficiency argument for protection Exchange rate protection Domestic content protection Environmental protection argument for a trade intervention Patriotism argument for protection Employment argument for protection Retirement Protection Act of 1994 |
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