Final answer:
The infant industry argument is when a business argues for temporary protection to establish and expand itself in the market. This argument has mixed success, as sometimes protected industries fail to mature and continue to rely on support.
Step-by-step explanation:
This argument posits that small, nascent industries should be shielded from international competition temporarily until they can establish themselves and compete in the global market. However, the effectiveness of this strategy is a subject of debate among economists. While it has led to successful industry developments in some regions, notably in East Asia, often these industries do not mature as expected. The challenge lies in implementing this strategy without enabling long-term dependency on government support or protectionist measures.