Definition and meaning of protectionism: Protectionism is an economic policy that seeks to protect domestic industries and businesses from foreign competition. It is often implemented through tariffs, subsidies, or quotas, which are measures that raise the prices of imported goods, provide direct financial assistance to domestic producers, or limit the total quantity of imported goods entering a particular market. Protectionism is often advocated for by politicians and special interest groups in order to protect American jobs and provide economic security.
However, it is widely understood that protectionism can also lead to economic inefficiency, reduce consumer choice, and result in higher prices for goods and services. As such, many reform-minded individuals are advocating for policies that promote economic freedom.