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mina [271]
3 years ago
7

If governments make trade policies based on national economic​ welfare, is the problem of trade warfare still represented by a​

"Prisoner's dilemma"​ game? What is the equilibrium solution to the game if governments formulate policy in this​ way? Would they ever choose the strategy of​ protectionism?
Social Studies
1 answer:
S_A_V [24]3 years ago
8 0

Answer:

Reducing trade barriers

Explanation:

<u>If governments choose protectionism, they harm citizens who could benefit from the products, services or jobs offered by foreign companies.</u>

If, for example, the “A” government sets <em>tariffs to protect the domestic market</em>, the “B” government <em>could respond with tariffs in retaliation</em>, which would result in both countries being harmed. So, the problem of trade warfare is still represented by a “Prisoner's Dilemma” game because it says that two people, in this case, two governments, can decide not to cooperate even if it goes against the interest of both.

On the other hand, <em>unrestricted free trade could go against governments that develop trade policies based on national economic well-being.</em>

The game's equilibrium solution would be for both countries to opt to reduce their trade barriers through negotiations.

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