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Proportional tax. A tax which is levied at the same rate, at all income levels. Hence it is intermediate between a progressive tax and a regressive tax.
Proprietorship sole proprietorship.
Protection. The imposition of tariffs or quotas to restrict the inflow of imports. Arguments in favour of protectionism (c£> protection) and against free trade have their origin in the earliest periods of economic discussion, but became paramount during the Mercantilist era (O mercantilism). The arguments take many forms. Domestic industries, especially agriculture, must be maintained at a high level in case foreign sources are cut off during a war. Similarly, key industries which have a significant defence role should be protected to avoid
Public company reliance on a foreign supplier. In conditions of excess capacity, protection increases employment by switching demand away from foreign to domestic production, and, through an increase in the surplus on the balance of payments, enables aggregate income to be raised through the multiplier effect. Protection also enables new industries to develop to an optimum size the infant industry argument. Protection can be used as a counter to dumping and as a retaliatory measure against other countries’ restrictions. The case for protection for the developing countries has been put forward by Professor prebisch. The developing countries have experienced a long-run decline in their terms of trade. Their demand for imported manufactures grows much more rapidly as their real incomes rise than does the advanced countries’ demand for their exports with a consequent pressure on their balance of payments. Protection can improve their terms of trade by causing a reduction in the price of their imported manufactures arising from their reduced demand, and it can also be used as a means for allocating the limited supply of foreign exchange. customs union; general
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