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Protectionism

• Protecting domestic industry from import competition by means of tariffs, quotas, and other trade barriers.

 
 Embedded terms in definition
 Competition
Industry
Trade
 
 Referenced Terms
 Import substitution development strategy: A development strategy followed by many Latin American countries and other LDCs that emphasized import substitution - accomplished through Protectionism - as the route to economic growth.

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The most important thing about a man is what he believes in the depth of his being. This is the thing that makes him what he is, The thing that organizes him and feeds him; the thing that keeps him going in the face of untoward circumstances; the thing that gives him resistance. Hugh Stevenson Tigner

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