The purpose of protectionism is to protect ________.

Question

Quizplus · Accepted Answer

Protectionism is a government policy that restricts foreign trade in order to protect domestic industries from foreign competition. This is done through measures such as tariffs, quotas, and subsidies that make foreign goods more expensive or difficult to obtain, giving domestic producers a competitive advantage. The ultimate goal is to protect local jobs and industries from being outsourced or displaced by cheaper foreign alternatives. While there may be short-term benefits to protectionism, such as preserving jobs and reducing the trade deficit, in the long run it can lead to reduced innovation, higher consumer prices, and retaliation from other countries.

The Purpose of Protectionism Is to Protect ________