This is carried out by a country in order to protect its own products against the importation of inferior and cheaper products. This is done by placing high duty tarrifs on goods brought into the counntry or they are given quotas that are impossible to achieve. Every country will have its own version of protectionism.

More On This Topic

Link to This Definition
Did you find this definition of PROTECTIONISM helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary