Protectionism

/prəˈtɛkʃənɪzəm/

Meaning & Definition

noun

The economic policy of restraining trade between countries through methods such as tariffs on imported goods, restrictive quotas, and other government regulations.

The government's protectionism aimed to support local industries by implementing high tariffs on foreign imports.

Advocacy for the protection of domestic industries from foreign competition.

Many politicians resort to protectionism during election cycles to appeal to their constituents who fear job losses.

A policy intended to shield a country's economy from international trade practices.

Protectionism has led to trade wars between nations, resulting in increased costs for consumers and businesses.

The practice of limiting imports in order to give an advantage to domestic manufacturers.

The rise of protectionism in the 21st century has sparked debates among economists about its long-term effects on global trade.

Any government action that restricts or burdens foreign competition to favor domestic industries.

Protectionism often results in retaliation from trading partners, escalating conflicts in international markets.

Etymology

From 'protect' + '-ion' + '-ism', where 'protect' comes from Latin 'protegere' meaning 'to cover in front'.

Common Phrases and Expressions

free trade

A trade policy that allows imports and exports without tariffs or other barriers.

trade war

An economic conflict resulting from extreme protectionist policies.

Related Words

tariff

A tax on imported goods.

quota

A limit on the amount of a particular product that can be imported.

subsidy

Financial support given by the government to domestic industries to make them more competitive.

Slang Meanings

Trade shield

Some call it a trade shield when describing strong protectionist measures.

Buy local

The 'buy local' movement often goes hand in hand with protectionism.