protectionism

protectionism definition - business

protectionism

The establishment of barriers to the importation of goods and services from foreign countries in order to protect domestic producers. Protectionism generates higher consumer prices. It is also likely to penalize domestic exporters, because foreign countries are apt to retaliate with trade barriers of their own.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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