What is protectionism?
The term "protectionism" came to us from the Latinlanguage. In Latin, protectio means "protection," "patronage." Protectionism is a policy that must protect the domestic market, as well as specific producers from foreign competition. The word has been used in this meaning since 1840. After the Great Depression of 1873-1879, which began after the end of the American Civil War, the countries covered by this problem began to use protectionism not only in theory but also in practice. In this article, we will examine in more detail what protectionism is.
The word "protectionism" has many interpretations, from which the essence of the process does not change.
Protectionism is an economicpolicy of the state, which consists in purposefully protecting the domestic market of the country from goods produced by other countries or other companies.
Types of protectionism
- Selective protectionism - protection from a particular type of product, a group of goods or goods of a particular state.
- Sectoral protectionism is the protection of a particular industry.
- Collective protectionism is the protection of countries united in one union.
- Hidden protectionism - it is used contrary to customs methods.
- Local protectionism is the use of the restriction of products, for example, the neighboring region, for the development and support of local producers.
- Green protectionism - the use of this method is carried out using the rules of environmental law.
The meanings of other unknown words and concepts can be found in the articles in the Definitions section.
