Final answer:
The infant industry argument is a protectionist theory that suggests blocking imports temporarily to allow new domestic industries to grow, but it risks becoming a long-term crutch for established industries instead of supporting market competition.
Step-by-step explanation:
The infant industry argument for protectionism posits that new industries may require temporary protection from international competition in order to develop and mature. This protection can include subsidies and policies that block imports, thereby allowing the domestic industry time to achieve economies of scale and become competitive.
However, economists are concerned that such protection often remains in place longer than intended, benefiting established industries with political power rather than nurturing new ones. Moreover, while protection may benefit domestic firms, it can negatively impact consumers by forcing them to pay higher prices for products that could be imported more cheaply.