Protectionism (Noun)
Meaning
The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition.
Classification
Nouns denoting communicative processes and contents.
Examples
- The country's shift towards protectionism has led to increased tariffs on imported goods, making them more expensive for consumers.
- Critics argue that protectionism will only lead to higher prices and reduced choices for consumers in the long run.
- The government's decision to impose quotas on foreign textiles was seen as a clear example of protectionism in action.
- Many economists believe that protectionism can have negative effects on the global economy, leading to retaliatory measures and trade wars.
- The rise of protectionism in the country has been driven by concerns about job losses and the decline of domestic manufacturing industries.