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Patriotic Purchasing - Coggle Diagram
Patriotic Purchasing
Should You Buy Local?
Emotional patriotism → Buy local
Local firms may have comparative advantage
Campaigns like “Buy American”
Little long-term benefit
Often too late
True patriotism
Support innovation & competitiveness of local firms
Global Trade & Protectionism
Free trade → Threat to local workers
Protectionist measures
Tariffs
Import quotas
Aim: Protect domestic industries from foreign competition
Who Benefits?
Short-term benefit for some businesses
Politicians support protectionism for district interests
Long-term → harmful to economy
Retaliatory tariffs
Slower global trade
Hurts same businesses
Workers' Job Security
Short-term: Protects jobs
Long-term
Reduced innovation
Skills become outdated
Worse adaptation to change