protectionism
UK: prəˈtɛkʃənɪzəm | US: prəˈtɛkʃənɪzəm
n. An economic policy of restricting imports through tariffs, quotas, or other regulations to shield domestic industries from foreign competition.
The word "protectionism" combines "protect" (from Latin protegere, meaning "to cover or shield"), the noun-forming suffix "-ion," and "-ism" (from Greek -ismos, denoting a practice or ideology). It emerged in the 19th century to describe policies "protecting" domestic economies by imposing trade barriers, reflecting a doctrinal approach (-ism) to economic defense.
Many governments adopted protectionism during the Great Depression to safeguard local jobs.
Critics argue that protectionism stifles innovation by reducing competition.
The new tariffs reflect a shift toward protectionism in the country's trade policy.
Protectionism often leads to retaliatory measures from other nations.
Some industries thrive under protectionism, while others suffer from higher costs.