Definition of Protectionism:
The theory or practice of shielding a countrys domestic industries from foreign competition by taxing imports.
Governmental policy aimed at shielding a fragile economy, or a weak or critical sector, from cheaper or better imports through imposition of high duty rates (tariff barriers), quotas, and/or inordinately stringent or time consuming inspection or quality regulations (non-tariff barriers). All countries practice protectionism in one form or another but, generally, without going to any extreme. See also trade liberalization.
Protectionist policies are typically focused around imports but may also involve other aspects of international trade such as product standards and government subsidies. The merits of protectionism are the subject of fierce debate. Critics argue that over the long term, protectionism often hurts the people and entities it is intended to protect by slowing economic growth and increasing price inflation, making free trade a better alternative. Proponents of protectionism argue that the policies can help to create domestic jobs, increase gross domestic product production, and make a domestic economy more competitive globally.
Protectionism refers to government policies that restrict international trade to help domestic industries. Protectionist policies are usually implemented with the goal to improve economic activity within a domestic economy but can also be implemented for safety or quality concerns.
How to use Protectionism in a sentence?
- We may not like the taxes the government impose, yet the do it for a good reason. i feel lie I am being robbed but it is their form of protectionism .
- Protectionist policies place specific restrictions on international trade for the benefit of a domestic economy.
- Moreover, the smaller the country, the greater will be the pressure to opt for free trade rather than protectionism.
- When the economy crashed about 8 years ago the government used a lot of protectionism to make sure the damage wasnt to bad.
- Tariffs, import quotas, product standards, and subsidies are some of the primary policy tools a government can use in enacting protectionist policies.
- Anti Fragile is a term that would describe a robust or optimal system but sometimes protectionism in deemed quite necessary as well.
- Protectionist policies typically seek to improve economic activity but may also be the result of safety or quality concerns.
- The value of protectionism is a subject of debate among economists and policy makers.
Meaning of Protectionism & Protectionism Definition