Protectionism

Definitions

The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.

An economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.

Examples

The government's shift toward protectionism was intended to shield domestic industries from foreign competition.

Many economists argue that excessive protectionism can lead to higher prices for consumers and reduced global trade efficiency.

Synonyms

Trade barriers Isolationism Economic nationalism Import restriction Mercantilism

Antonyms

Free trade Globalization Trade liberalization Open markets Laissez-faire