protectionism

Also known as protection

upright=1.3|thumb|Pro-free trade poster from the British Liberal Party (UK)|Liberal Party; the "free trade shop" is depicted as having more customers and lower prices, while the "protection shop" has higher prices, a smaller and lower-quality selection of goods, and no customers upright=1.3|thumb|Anti-free trade postcard from 1910

AI overview

Protectionism is the practice of using government policies, such as tariffs or trade restrictions, to shield domestic industries from foreign competition. It matters because supporters believe it protects local jobs and businesses, while critics argue it can lead to higher prices for consumers and reduced economic efficiency.

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Commons category: Protectionism

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~48 min read

Article

28 sections

Contents

Protectionist policies
Impact
Economic impact
Living standards
Growth
Developing world
Intellectual property
Access to essential medicines
Armed conflicts
History
China
Europe
Continental Europe
United Kingdom
Latin America
Argentina
United States
Colonial period
Revenue period (1790–1860)
Civil War (1861–1865)
Restriction period (1866–1928)
Great Depression and Smoot–Hawley Tariff (1929–1933)
Reciprocity period (1934–2016)
Current world trends
See also
Further reading
References
External links

Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors and raise government revenue. Opponents argue that protectionist policies reduce trade, and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries against which the protections are implemented.