Protectionism is the use of national policies designed to restrict international trade while protecting interests of domestic business.

Question

Quizplus · Accepted Answer

Protectionism is indeed the use of national policies to limit foreign competition and protect domestic industries. This can take the form of tariffs, quotas, subsidies, or other measures that make foreign goods more expensive or difficult to obtain. The rationale behind protectionism is often to shield domestic industries from foreign competition, promote job growth or economic growth at home, or safeguard national security interests. However, protectionist policies can also lead to higher prices for consumers, reduced international cooperation and economic growth, and retaliation from other countries.

Protectionism Is the Use of National Policies Designed to Restrict