Final answer:
Neoliberalism supports free trade and privatization while opposing protectionism, which is the inclusion of high tariffs to protect domestic industries from foreign competition.
Step-by-step explanation:
Neoliberalism and Protectionism
Neoliberalism focused on several key principles designed to enhance economic growth and efficiency, but it did not advocate for all the positions mentioned. Specifically, Neoliberalism is characterized by its support for free trade, privatization of industries, tough fiscal policies designed to reduce government spending, and an emphasis on foreign investment. In contrast, the one approach that neoliberalism does not support is protectionism.
Protectionism, where high tariffs are placed on local goods to protect them from cheaper foreign imports, seeks to shield domestic industries from international competition and is antithetical to the neoliberal promotion of free trade.
Steep tariffs and other protectionist measures, such as import quotas and non-tariff barriers, are commonly associated with mercantilist policies or economic nationalism, which are distinct from the neoliberal agenda. While recent political trends have seen some deviation from traditional party lines concerning free trade and protectionism, classical Neoliberalism firmly opposes protectionist policies.