Free Trade vs Protectionism trade blocs like NAFTA Protectionism standards, tariffs, embargoes, quotas and subsidies Pros More variety of G/S Less expensive G/S U.S. businesses have to do better to compete Protects infant industries Protects national security (self reliance) Protects domestic jobs Protects foreign workers from unfair labor practices Protects environment in developing countries Cons Sometimes goods poorly made Higher-paid American workers loose jobs to lower-paid foreign workers American companies move manufacturing to other countries Higher priced domestic G/S Higher priced foreign G/S Other countries will trade less with the U.S. Other countries will erect trade barriers