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Protectionism
 

 

A policy involving the restriction of international trade, with the aim of preventing unemployment or capital losses in domestic industries threatened by imports, promoting particular types of domestic industrial development, affecting the internal distribution of incomes, or improving a country’s terms of trade by exploiting its international monopoly power. See also cost of protection; new protectionism.

 

Reference: Oxford Press Dictonary of Economics, 5th edt.