Protectionism: Difference between revisions
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''Economics'' | ''Economics''. | ||
Central actions and policies designed to protect domestic businesses against competition from foreign businesses, or businesses external to a trading bloc. | |||
Protectionism can be achieved by imposing tariffs or quotas on imported goods, or granting subsidies or tax advantages to domestic businesses. | Protectionism can be achieved by imposing tariffs or quotas on imported goods, or granting subsidies or tax advantages to domestic businesses. | ||
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The consequence of domestic protectionism, and tit-for-tat retaliatory measures by foreign countries, is to restrict international trade. | The consequence of domestic protectionism, and tit-for-tat retaliatory measures by foreign countries, is to restrict international trade. | ||
Escalated protectionism and retaliation is considered to be a 'trade war'. | |||
==See also== | ==See also== | ||
* [[Bloc]] | |||
* [[Free trade]] | * [[Free trade]] | ||
* [[Globalisation]] | * [[Globalisation]] | ||
* [[Harmonisation]] | |||
* [[International trade]] | * [[International trade]] | ||
* [[Protectionist]] | |||
* [[Quota]] | |||
* [[Tariff]] | * [[Tariff]] | ||
* [[Trade war]] | |||
* [[Treaty]] | |||
* [[Trumponomics]] | |||
[[Category:The_business_context]] | |||
[[Category:Trade_finance]] | |||
Latest revision as of 13:31, 18 July 2022
Economics.
Central actions and policies designed to protect domestic businesses against competition from foreign businesses, or businesses external to a trading bloc.
Protectionism can be achieved by imposing tariffs or quotas on imported goods, or granting subsidies or tax advantages to domestic businesses.
The consequence of domestic protectionism, and tit-for-tat retaliatory measures by foreign countries, is to restrict international trade.
Escalated protectionism and retaliation is considered to be a 'trade war'.
