Writing of the Declaration of Independence

Protectionism

 

The term protectionism refers to the theory, practice, laws, or policies of a government that are designed to protect domestic businesses from foreign competition.

 

Protectionism is often the result of a foreign government’s assistance to its domestic businesses that give those businesses an advantage over their competition.

 

Examples of government protectionism would be tax cuts, subsidies, and incentives for domestic businesses; and quotas and tariffs for foreign businesses.

 

If Country A provides subsidies for its domestic automobile industry then Country B may respond by placing a tariff on imported automobiles from Country A in an attempt to level the playing field for Country B’s automotive industry.Laissez Faire is an economic theory that asserts that the less that the government interferes in the economy the better the economy will be.

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