What do you understand by lsquo protectionism rsquo a term often seen in newspapers ........

Economic Affairs Others

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What do you understand by ‘protectionism’, a term often seen in newspapers?

Imposing trade restrictions to protect domestic industry

Entering into alliances with foreign militaries to safeguard one’s borders

Mandating military conscription for better defence capabilities

Protecting one’s citizen from influence of foreign cultures

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Explanation:

In economics, protectionism is the economic policy of restraining trade between states (countries) through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations. Protectionist policies protect the producers, businesses, and workers of the import-competing sector in a country from foreign competitors. However, they hurt consumers in general, and the producers and workers in export sectors, both in the country implementing protectionist policies, and in the countries protected against.