Part 3/9:
The idea of "infant industry protection" emerges as a conceptual basis for such policies. It implies that governments should provide a protective buffer for their developing industries until they can mature and compete effectively on an international level. The speaker drew parallels between nurturing a child and supporting emerging industries, highlighting the need for protective measures during their formative years. Countries like South Korea and the United States historically utilized protective tariffs when they were still developing their industrial bases.