protectionism in Economics topic From Longman Dictionary of Contemporary Englishpro‧tec‧tion‧is‧m /prəˈtekʃənɪzəm/ noun [uncountable] when a government tries to help industries in its own country by taxing or restricting foreign goods—protectionist adjective—protectionist ...
Noun1.protectionism- the policy of imposing duties or quotas on imports in order to protect home industries from overseas competition economic policy- a government policy for maintaining economic growth and tax revenues import barrier,trade barrier- any regulation or policy that restricts international ...
protectionism Games Featured Pop culture Writing tips Log In Subscribe [ pruh-tek-shuh-niz-uhm ] noun Economics.the theory, practice, or system of fostering or developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations....
can restrain trade between nations. The definition of protectionism in economics is the use oftrade barriersto protect domestic industries from foreign competition. There are several types of restrictive trade barriers used in protectionism includingimport tariffs,quotason imports, and the use ofsubsidies...
protectionism a deliberate policy on the part of governments to erect trade barriers such as TARIFFS and QUOTAS in order to protect domestic industries from foreign competition. While there are arguments for protection, especially appealing to sectional interests, protectionism cannot, for the most par...
Economics.of, relating to, or designed to favor protectionism: protective tariffs. defensive ( def 4 ). Discover More Other Words From pro·tec tive·lyadverb pro·tec tive·nessnoun non pro·tec tiveadjective non pro·tec tive·lyadverb ...
1. having the quality or function of protecting: a protective covering; protective custody. 2. tending to protect. 3. pertaining to or favoring protectionism. [1655–65] pro•tec′tive•ly, adv. pro•tec′tive•ness, n. Random House Kernerman Webster's College Dictionary, © ...
The theory of comparative advantage helps to explain whyprotectionismis often counterproductive. While a country can use tariffs and other trade barriers to benefit specific industries or interest groups, these policies also prevent their consumers from enjoying the benefits of cheaper goods from abroad....
Higher GDP: Protectionist policies tend to boost the economy’s GDP due to a rise in domestic production Disadvantages of Protectionism Stagnation of technological advancements: As domestic producers don’t need to worry about foreign competition, they have no incentive to innovate or spend resources ...
Advantages and Disadvantages of Trade ProtectionismLesson Transcript Instructors Nicolaas Ackermann View bio Kevin Newton View bio Understand what trade barriers are by learning the trade barrier definition. Discover types of trade barriers, such as lawful and physical, and know their effects. ...