Protectionism: Difference between revisions
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imported>Doug Williamson (Expand for Quota and Trade war.) |
imported>Doug Williamson m (Categorise.) |
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Revision as of 13:55, 12 May 2020
Economics.
Governmental actions and policies designed to protect domestic businesses against competition from foreign companies.
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'.
