Protectionism

From ACT Wiki
Revision as of 01:21, 25 June 2021 by imported>Doug Williamson (Add link.)
Jump to navigationJump to search

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'.


See also