Protection As Trade Policy

Protection refers to the foreign trade policy of encouraging home industries by paying bounties (or giving subsides) to domestic producers, or more usually by imposing customs duties on foreign products. The term protection usually carries in a very loose sense the connotation of a tariff on imports; but it may refer to any policy that raises the price of import substitutes and safeguards the interest of domestic producers against foreign competition.

Tariff system, i.e. customs duties, is an important and most common method of protection. By tariff barriers we mean only those taxes which are intended to restrict international trade.

Protection is an established creed of modern trade policy. Yet it remains to be examined whether protection is a healthy policy leading to an economic millennium or a policy abounding in hidden dangers.

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