Definition, Meaning & Synonyms
protectionism
Noun
/prəˈtɛkʃəˌnɪzəm/
Definition
Protectionism refers to the economic policy of shielding a country’s domestic industries from foreign competition by imposing tariffs, quotas, or other trade barriers.
Examples
- Many countries adopted protectionism during the economic crisis to support local businesses.
- Protectionism can lead to increased prices for consumers as import costs rise.
- While protectionism can protect jobs, it may also limit consumer choices.
Meaning
The aim of protectionism is to increase the price of imported goods to make locally produced items more competitive in the market.
Synonyms
- Trade barriers
- Economic nationalism
- Import restrictions
