What is protectionism?

Economics Dec 17, 2020

Expert Solution

Protectionism is an economic policy that limits trade between nations as a way of protecting a particular nation's domestic economy. This can take many forms. Some examples of protectionist policies are:

Tariffs, or taxes on imports
Import quotas, which limit how much of a certain good a nation can import
Export subsidies, which pay domestic companies to export goods abroad
Governments spending their own money on domestic products (preferential spending)

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