IEcoS (Economic Services) Indian Economics Foreign Trade-India and WTO Requirements Terms and Persons (Page 12 of 25)

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IMF Quota

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Quota of a member country with the IMF is the subscription to the Fund. The Subscription amount depends upon certain criteria including GDP size and trade share. The quota determines the voting share of a country in the IMF. It also determines its borrowing limit S (access limit) as well as a member՚s contribution to the IMF՚s reserves.

Infant Industry Argument

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The infant industry argument advocate that a country should not let matured and sophisticated importable goods to compete with goods produced by infant or beginning stage home country industries. Given the development difference, the country with infant industries should protect its industries by raising tariff against such imports. This argument is called infant industry argument and is considered as the sole credible justification for raising tariffs against imports.

The infant industry argument was popularized by Alexander Hamilton (USA) , Freidrich List (Germany) etc. , and several developed countries including the USA and Germany adopted this policy during their early development phase. Hamilton is considered to be the founder of the concept and List, a German, while residing in the US, analyzed the US policy and advocated it in Germany.