protectionism
IPA:
Dictionary definition of protectionism
An economic policy or practice that aims to shield domestic industries or businesses from foreign competition by imposing various barriers, restrictions, or tariffs on imports.
"Critics argue that protectionism stifles innovation and hampers economic growth."
Detailed meaning of protectionism
Protectionism is characterized by efforts to safeguard domestic producers, workers, or industries by limiting or controlling international trade and commerce. It often involves the imposition of trade barriers, such as import tariffs, quotas, subsidies, or preferential treatment for domestic products. The underlying objective of protectionism is to nurture and safeguard local industries, preserve jobs, or foster economic self-sufficiency by limiting foreign competition. Protectionist measures can be implemented by governments to shield domestic industries from cheaper foreign goods, prevent job losses, maintain national security interests, or protect strategic industries. However, protectionism can also lead to trade tensions, retaliation from other countries, reduced consumer choices, and inefficiencies in resource allocation. The impact and effectiveness of protectionism as an economic policy are subjects of ongoing debate among economists and policymakers.
Example sentences containing protectionism
1. Protectionism can lead to reduced competition and higher prices for consumers.
2. The government's protectionism measures aimed to safeguard domestic industries from foreign competition.
3. Some industries actively lobby for protectionism to shield themselves from international rivals.
4. Protectionism can create trade tensions and provoke retaliatory measures from other countries.
5. The debate surrounding protectionism centers on its potential benefits and drawbacks.
6. Economists emphasize the importance of free trade over protectionism for global economic prosperity.
History and etymology of protectionism
The noun 'protectionism' has its etymological roots in the term 'protection,' and it refers to an economic policy or practice aimed at shielding domestic industries or businesses from foreign competition. 'Protectionism' is a combination of two words: 'protection' and the suffix '-ism,' which is used to form nouns denoting a specific practice, doctrine, or system. As discussed earlier, 'protection' originates from the Latin word 'protectionem,' which means 'to shield' or 'to defend.' In the context of economics, 'protectionism' involves the implementation of various barriers, restrictions, or tariffs on imports to shield domestic industries from foreign competitors. The term 'protectionism' emphasizes its role as a practice or policy designed to protect domestic economic interests and industries from the potentially disruptive effects of international competition.
Further usage examples of protectionism
1. Protectionism is often viewed as a response to job losses and economic insecurity.
2. The rise of protectionism has been a topic of concern in international trade discussions.
3. Protectionism can restrict access to foreign markets and limit export opportunities.
4. The government implemented protectionism policies to support domestic manufacturing and job creation.
5. Some argue that protectionism protects inefficient industries at the expense of consumer choice and economic efficiency.
6. Protectionism can hinder international trade and economic growth.
7. Tariffs are a common tool used in protectionism.
8. Some argue that protectionism helps protect domestic jobs.
9. Protectionism can lead to trade disputes between nations.
10. Advocates of protectionism prioritize local industries.
11. Protectionism can limit consumer choice and increase prices.
12. Import quotas are a form of protectionism.
13. Protectionism often arises during economic downturns.
14. Critics argue that protectionism stifles innovation.
15. Trade barriers are erected to enforce protectionism.
16. Protectionism can have unintended consequences.
17. Countries may resort to protectionism in times of crisis.
18. Protectionism can strain diplomatic relations.
19. Protectionism can create trade imbalances.
20. Economic nationalism is closely linked to protectionism.
21. Protectionism may protect ailing industries temporarily.
22. Protectionism can lead to retaliation from trading partners.
23. Protectionism is a topic of debate in global economics.
24. Protectionism may harm developing economies.
25. Trade agreements aim to reduce protectionism's impact.
Synonyms
Quiz categories containing protectionism
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Suffix -ism, Development and Growth, Tactical Maneuvers and Control, Business and Commerce
autarky,defense,isolationism
isolationism, free trade, open market, globalization
eb68db_d8cc365519f24babb20256a899741217.mp3
barricading,blockading,domesticity,embargoes,fortifying,guarding,insulating,localism,mercantilism,nationalism,restrictions,safeguarding,shielding,tariffing