protectionism

American  

[pruh-tek-shuh-niz-uhm] / prəˈtɛk ʃəˌnɪz əm /

noun

1. Economics. the theory, practice, or system of fostering or developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations.

2. any program, policy, or system of laws that seeks to provide protection for property owners, wildlife, the environment, etc.

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Other Word Forms

• antiprotectionist noun
• protectionist noun
• protectionistic adjective

Etymology

Origin of protectionism

First recorded in 1855–60; protection + -ism

Example Sentences

Adam Smith understood that protectionism creates perverse incentives.

From The Wall Street Journal

"The rise of the 'Global South' and the reshaping of the global trade and investment landscape will unlock new markets and new growth areas for Hong Kong" despite protectionism and fragmentation, he added.

From Barron's

"There are no winners in a trade war and protectionism leads nowhere."

From Barron's

"China has consistently opposed all forms of unilateral tariff increases and has repeatedly emphasised that there are no winners in a trade war, and protectionism leads nowhere," a Ministry of Commerce spokesperson added.

From BBC

One implication of this shift to more protectionism is that it distorts pricing mechanisms in the market, making it “hard to place where the value of a particular commodity is,” JPMorgan’s Kaneva said.

From The Wall Street Journal