Review:
Protectionism
overall review score: 2.5
⭐⭐⭐
score is between 0 and 5
Protectionism is an economic policy that restricts trade between countries through methods such as tariffs, quotas, and subsidies in order to protect domestic industries from foreign competition.
Key Features
- tariffs
- quotas
- subsidies
- protection of domestic industries
Pros
- May protect domestic industries from unfair competition
- Can help preserve jobs in certain sectors
Cons
- Can lead to higher prices for consumers
- May result in retaliatory measures from other countries