"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."
Policies designed to limit the flow of foreign goods in order to protect domestic industries.
Tariffs: A tax imposed on imported goods.
Quotas: A limit on the quantity of a specific good that is allowed to be imported.
Subsidies: Financial assistance given by the government to domestic producers, often to make them more competitive against foreign goods.
Dumping: Selling goods in a foreign market at prices lower than those charged in the domestic market.
Infant industry argument: The argument that developing industries need protection from foreign competition to become globally competitive.
Strategic trade theory: The idea that government intervention can lead to a country's domestic industries becoming globally superior.
Comparative advantage: The ability of a country to produce a good or service at a lower opportunity cost than another country.
Protectionism vs. Free Trade: The debate over whether protectionism is beneficial for a country's economic growth or if free trade is more advantageous.
National security concerns and protectionism: How protectionist policies can be used to maintain a country's national security interests.
Globalization and protectionism: How protectionist policies can impact international trade and globalization.
Tariffs: This is a tax imposed on imported goods, making them more expensive than locally produced goods, which effectively protects domestic industries from foreign competition. Tariffs can be fixed or ad-valorem (a percentage of the value of the goods).
Quotas: This is a limit on the quantity of goods that can be imported in a particular time period. This restricts competition from foreign producers and can help to protect local industries from being undermined by cheap imports.
Embargoes: This is an absolute ban on the import or export of certain goods or services. It is often used by governments as a political tool to put pressure on other countries.
Subsidies: This is when the government provides financial assistance to domestic producers to help them compete with foreign producers. This can take the form of direct payments, tax breaks, or other forms of support.
Regulations: Regulations can be used to protect domestic industries by imposing higher standards and requirements on imported goods. For example, regulations could require that imported goods meet certain safety standards that are higher than those required of domestically produced goods.
Import licensing: This is a system where a government issues permits or licenses for the importation of certain goods. This can be used to limit and control the quantity of imports, and to protect certain domestic industries.
Currency manipulation: This is when a government manipulates the value of its currency so that it becomes artificially weak, making its exports more competitive and imports more expensive.
Buy Local policies: This is when the government or public institutions (such as schools or hospitals) preferentially purchase goods and services that are produced locally or domestically. This supports local industries and reduces the demand for foreign-made products.
Domestic content requirements: This is when the government requires that a certain percentage of the components or materials used in a product must be sourced domestically. This can help to support domestic suppliers and reduce reliance on imports.
Dumping: This is when foreign producers sell goods in a foreign market below their cost of production, which can harm domestic producers and lead to the loss of jobs. To combat this, governments may impose anti-dumping duties.
"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."