PROTECTIONISM Meaning and
Definition
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Protectionism is an economic policy characterized by restrictive trade measures, policies, or actions adopted by a country or government to shield domestic industries from foreign competition. It involves the imposition of various barriers and restrictions, such as tariffs, quotas, subsidies, and non-tariff barriers, to safeguard domestic producers and preserve national interests. Protectionism aims to encourage the growth, development, and sustainability of domestic industries by limiting the entry of foreign goods or services into the domestic market.
The primary objective of protectionism is to reduce or eliminate the competitive advantages enjoyed by foreign producers, thereby giving domestic industries a competitive edge. This can be achieved by imposing tariffs, which are taxes levied on imported goods, making them more expensive for consumers. Quotas, on the other hand, limit the quantity of goods that can be imported, further reducing foreign competition.
While protectionism can provide short-term benefits for domestic industries and protect jobs, it often results in unintended consequences. It can lead to higher prices for consumers, reduce product quality and innovation, and impede economic growth. Furthermore, protectionism can initiate trade disputes and trigger retaliatory measures from other countries, damaging international relations and hampering global economic cooperation.
The concept of protectionism has evolved over time, with different countries adopting varying degrees of protectionist policies in response to their own economic circumstances and political considerations. It is a contentious topic among economists and policymakers, with ongoing debates regarding its effectiveness and potential negative consequences for the global economy.
Common Misspellings for PROTECTIONISM
Etymology of PROTECTIONISM
The word "protectionism" originates from the noun "protection" combined with the suffix "-ism".
The term "protection" comes from the Latin word "protectio" which means "a covering or defense". It was borrowed into Middle French as "protection" in the 14th century with the same sense.
The suffix "-ism" is derived from the Greek "-ismos" or "-isma", which served as a way to form nouns expressing a practice, system, or belief. It was later adopted into Latin as "-ismus" and finally into English as "-ism".
So, the word "protectionism" is a combination of "protection" and "-ism" to form a noun representing the practice or belief in protecting domestic industries or trade.
Similar spelling words for PROTECTIONISM
- protagonist,
- protoactinium,
- protactinium,
- protective fold,
- protectionist,
- protection,
- prediction,
- protecting,
- protectorship,
- protectively,
- protestation,
- protective,
- protoctist,
- protectiveness,
- protoctista,
- protesting,
- production.
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