What is the meaning of protectionist law?

Protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.

What is a protectionist person?

A protectionist is someone who agrees with and supports protectionism. Protectionist policies, measures, and laws are meant to stop or reduce imports.

What is free trade and why is it important?

Free trade means that countries can import and export goods without any tariff barriers or other non-tariff barriers to trade. Essentially, free trade enables lower prices for consumers, increased exports, benefits from economies of scale and a greater choice of goods.

What is another word for protectionist?

Synonyms for protectionist include isolationist, nationalist, patriotic, preferential, protective, xenophobic, beggar-thy-neighbor, mercantilist, patriot and

What are the drawbacks of protectionism?

Another major drawback of protectionism is that domestic companies may not produce all types of goods which is the case with multinational companies which have a solution for every problem in the form of good or service.

Does protectionism help the economy?

There is a consensus among economists that protectionism has a negative effect on economic growth and economic welfare, while free trade, deregulation, and the reduction of trade barriers has a significantly positive effect on economic growth. Some scholars have implicated protectionism as the cause of some economic crises,…

Why are quotas an example of protectionism?

Quotas are an example of protectionism because: Quotas create trade barriers by limiting imports. Log in for more information. Search for an answer or ask Weegy. Quotas are an example of protectionism because: Quotas create trade barriers by limiting imports.