Final answer:
Valid arguments for protectionism among economists include the infant industry argument, safety and security concerns, and environmental concerns. These arguments put forth the idea that new industries might need protection, there are risks in dependency on imports, and trade could affect environmental standards.
Step-by-step explanation:
Economists recognize several arguments as valid for the use of protectionism. One such argument is the infant industry argument, which suggests that new industries may need temporary protection to develop and become competitive. However, this strategy risks industries never outgrowing the need for protection, often benefiting longstanding industries already in decline rather than encouraging new, vibrant ones. Another argument revolves around safety and security, stating that it can be dangerous for a nation to become overly reliant on imported key supplies, which could lead to vulnerabilities in times of cutoffs. Despite this, measures such as stockpiling resources can be more economically viable than restrictive trade practices.
Dumping is also a concern, where countries may set prices below production costs to outcompete domestic industries, justifying the use of protectionist policies. Meanwhile, environmental concerns may lead to protectionism, as countries seek to prevent imports from countries with lower environmental standards. Although this approach is not always effective and could hinder trade relations that might have positive environmental impacts in the long term.