Protectionism: meaning, definitions and examples
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protectionism
[ prəˈtɛkʃənɪzəm ]
economic policy
Protectionism is an economic policy that restricts imports from other countries through methods such as tariffs and trade barriers. Its aim is to protect domestic industries from foreign competition and boost the local economy. While it can benefit some sectors, it may also lead to trade wars and higher prices for consumers.
Synonyms
economic nationalism, import restrictions, trade barriers
Examples of usage
- The government implemented protectionism to shield local farmers from international competition.
- Many economists argue that protectionism can lead to inefficiencies in the market.
- During the recession, protectionism became a popular topic among policymakers.
- The trade agreement aimed to reduce protectionism between the two countries.
- Critics of protectionism point out its potential to harm global trade relationships.
Translations
Translations of the word "protectionism" in other languages:
🇵🇹 protecionismo
🇮🇳 संरक्षणवाद
🇩🇪 Protektionismus
🇮🇩 proteksionisme
🇺🇦 протекціонізм
🇵🇱 protekcjonizm
🇯🇵 保護主義 (ほごしゅぎ)
🇫🇷 protectionnisme
🇪🇸 proteccionismo
🇹🇷 korumacılık
🇰🇷 보호무역주의 (boho muyeok juui)
🇸🇦 حماية التجارة
🇨🇿 protektivismus
🇸🇰 protekcionizmus
🇨🇳 保护主义 (bǎohù zhǔyì)
🇸🇮 protekcionizem
🇮🇸 verndarsjón
🇰🇿 қорғаушылық
🇬🇪 პროტექციონიზმი
🇦🇿 müdafiəçilik
🇲🇽 proteccionismo
Word origin
The term 'protectionism' originated in the early 19th century, deriving from the word 'protect' which comes from the Latin 'protegere', meaning 'to cover in front'. Initially used to describe policies that aimed to protect domestic industries, it gained traction during the era of industrialization as nations sought ways to strengthen their economies against foreign competition. The rise of nationalism and strategic economic interests further solidified the term within the context of global trade policy. Protectionist measures became prominent during periods of economic distress, such as the Great Depression of the 1930s, as countries sought to safeguard their markets. Over time, the concept has evolved, influencing significant trade policies and international relations, especially in discussions about globalization and fair trade.