Question

In terms of mercantilism, what is protectionism?

Answer 1

Protectionism is the belief of a country protecting domestic industries from foreign competition resulting in taxation of imports.

Answer 2

Protectionism is the economic policy of restraining trade between states (countries) through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) fair competition between imports and goods and services produced domestically.