Protectionism
Protectionism is an economic policy aimed at shielding a country's domestic industries from foreign competition. Governments may impose tariffs (taxes on imports), quotas (limits on the amount of imported goods), and various regulations to encourage consumers to buy local products. The goal is to protect jobs, boost local businesses, and foster economic growth. However, while it can benefit certain industries, protectionism can lead to higher prices for consumers and tension in international trade relationships. Overall, it’s a trade-off between protecting local interests and promoting free trade.
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Protectionism is an economic policy aimed at shielding a country's domestic industries from foreign competition. It typically involves measures such as tariffs (taxes on imports), quotas (limits on the amount of goods that can be imported), and subsidies (financial support for local businesses). The goal of protectionism is to promote local jobs and industries, reduce dependence on foreign goods, and enhance national security. However, it can also lead to higher prices for consumers, retaliation from other countries, and a decrease in international trade. Balancing protectionism with free trade is a complex challenge for policymakers.