Final answer:
Protectionism is a method of requiring consumers to subsidize producers, benefiting the producer at the expense of the consumer. This is done through policies such as tariffs on imports, which push up prices for consumers. Consumers end up paying higher prices while domestic producers benefit from increased profits.
Step-by-step explanation:
Protectionism is a method of requiring consumers to subsidize producers, benefiting the producer at the expense of the consumer. This is because protectionist policies such as tariffs on imports push up prices for consumers in the country implementing them.
For example, a tariff is a scale of taxes on imports designed to protect domestic producers against the greed of consumers. While protectionism may benefit domestic producers by increasing their profits, consumers end up paying higher prices for goods and services.
Therefore, protectionism can be seen as a means of benefiting the producer at the expense of the consumer, as consumers are required to indirectly subsidize producers through higher prices.