protectionist (Baker Chp.5)

Protectionism is an economic policy that promotes a nation's domestic industries through protective tariffs and restrictions on imports. Supporters of protectionism argue that these policies protect domestic producers, create jobs, and increase wages. However, opponents of protectionism point to its potential to limit international trade, hurt foreign producers, and drive up consumer prices. Protectionism can create trade wars, and, in the long run, harm domestic producers by reducing the amount of competition they face in the market. Ultimately, while protectionism may have some benefits in the short run, it can be detrimental to the global economy in the long run.