Financial Glossary: Protectionism


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Protectionism

Protectionism

Actions taken by a government to prevent imports from destroying domestic producers.

Typical methods of protectionism are Import tariffs, quotas, subsidies or Tax cuts to Local businesses and direct state intervention.

Any time a government undertakes any of these actions, they are engaging in protectionism. There is significant debate surrounding the merits of protectionism. Critics argue that, over the Long term, protectionism often ends up hurting the people it is intended to protect and often promotes free trade as a superior alternative to protectionism.

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