Which is better, protecting your domestic industries or letting trade be free and let the chips fall where they may? Explain why.?

"Chips fall where they may", is never a good plan, unless you favor a lottery. Domestic industry provides jobs, tax-paying earnings, and a continuing source of same.Free trade is not free, it favors undeveloped countries at the expense of developed countries. A "global" policy is always socialist nonsense.

In case of infant industry, it has the reason to protect it, in order to gain the free and fair trade later.

The flaw in the question is in saying, protecting "your" domestic "industries".

It should be obvious that the person addressed as "you", doesn't exist. Government does not own all the property and business in its territory. End of story.

Protectionism is just the use of a legal monopoly of force and threats - the state - to expropriate the benefits of other people's labour. In a word, it's theft.

The only justification for it is in the confusion that I have pointed out.

I'm in favor of sustainable-economy, rather than profiteering-economy, because 'letting the chips fall where they may' will hold back progress, and turn society into an every man for himself-culture.

So protecting Industry, and also making sure you have an economic-circle, meaning a Country grows most of it's own food, produces most of it's own resources, and is able to be a consumer of those goods.

Again a key to sustaining Capitalism is that you have enough workers, because workers are most of your consumers too.

Eating ***