"The 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."
The practice of limiting imports or promoting exports through tariffs, quotas, or other trade barriers.
Tariffs and Non-Tariff Barriers: These are trade barriers designed to protect domestic industries from foreign competition. Tariffs are taxes on imported goods, while non-tariff barriers include quotas, subsidies, and regulations.
Economic Nationalism: This is the belief that a country's economy should be protected by trade barriers and other policies that prioritize domestic industries and workers.
Comparative Advantage: This is the idea that countries can benefit from trade by specializing in the production of goods in which they have a comparative advantage, i.e., they can produce more efficiently than other countries.
Free Trade: This is the unrestricted flow of goods and services between countries, without trade barriers or restrictions.
WTO: The World Trade Organization is an international organization that promotes free trade and helps to negotiate and enforce international trade agreements.
Protectionist Policies: These are policies designed to protect domestic industries from foreign competition, often at the expense of consumers.
Smoot-Hawley Tariff: This was a high tariff passed by the US Congress in 1930, which is widely seen as having worsened the Great Depression by reducing international trade.
Infant Industry Argument: This is the idea that new industries need protection from foreign competition in their early stages of development in order to become competitive.
Trade Deficits and Surpluses: A trade deficit occurs when a country imports more goods than it exports, while a trade surplus occurs when a country exports more goods than it imports.
Race to the Bottom: This is the idea that countries engage in a competition to lower their labor and environmental standards in order to attract foreign investment and jobs. Protectionism is often seen as a response to this phenomenon.
Tariffs: A tax imposed on imported goods, making domestic goods more competitive.
Quotas: A limit on the amount or value of goods that can be imported into a country.
Embargoes: A complete ban on imports and exports between two or more countries.
Subsidies: Financial assistance given to domestic producers to help them compete with foreign producers.
Domestic Content Requirements: Rules requiring that a certain percentage of the final product must be made in the domestic market.
Local Content Requirements: Rules requiring that a certain percentage of the inputs used in production must come from the domestic market.
Buy Local Policies: Policies encouraging consumers to purchase locally-made goods over imported goods.
Currency Manipulation: The manipulation of a country's currency to make its exports cheaper and imports more expensive.
Intellectual Property Laws: The protection of a country's intellectual property, such as patents, copyrights, and trademarks from being used by foreign entities.
Dumping: Selling goods to another country at a lower price than what is offered in the home market, in order to gain a larger market share.
Import Licensing: The requirement of a license to import goods into a country.
Standards and Regulations: The establishment of technical standards and regulations that can make it difficult for foreign producers to enter a market.
Anti-Dumping Laws: Laws that prevent foreign producers from selling goods at unfairly low prices.
Sanctions: Restrictions placed on trade with a particular country for reasons such as a violation of human rights or terrorism.
Voluntary Export Restraints: Agreements made between two countries limiting the amount of a particular product that can be exported from one country to another.
"Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors."
"Protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors."
"Opponents argue that protectionist policies reduce trade and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and, in the countries protected against."
"Methods such as tariffs on imported goods, import quotas, and a variety of other government regulations."
"Protectionism is advocated mainly by parties that hold economic nationalist or left-wing positions (although paleoconservatives have also supported the practice)."
"Economically right-wing political parties generally support free trade."
"There is a consensus among economists that protectionism has a negative effect on economic growth and economic welfare."
"Free trade and the reduction of trade barriers have a significantly positive effect on economic growth."
"Some scholars, such as Douglas Irwin, have implicated protectionism as the cause of some economic crises, most notably the Great Depression."
"Although trade liberalization can sometimes result in large and unequally distributed losses and gains and can, in the short run, cause significant economic dislocation of workers in import-competing sectors."
"Free trade has advantages of lowering costs of goods and services for both producers and consumers."
"Protectionist policies reduce trade and adversely affect consumers in general (by raising the cost of imported goods)."
"Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors."
"Opponents argue that protectionist policies reduce trade and adversely affect the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries protected against."
"Methods such as tariffs on imported goods, import quotas, and a variety of other government regulations."
"Protectionism is advocated mainly by parties that hold economic nationalist or left-wing positions."
"There is a consensus among economists that protectionism has a negative effect on economic growth and economic welfare."
"Free trade has advantages of lowering costs of goods and services for both producers and consumers."
"Opponents argue that protectionist policies reduce trade."