(countable and uncountable, plural protectionisms)
protection +â€Ž -ism
protectionism - Investment & Finance Definition
Restricting foreign goods from coming into a country by applying difficult import processes, putting quotas on the number of goods that can be imported, or charging a duty (a tax) on imported goods that makes foreign goods more expensive than domestic goods. Protectionism can lead to trade wars, which have the potential to seriously damage the global economy. The World Trade Organization (WTO) works to reduce such barriers to trade.