May 6, 2021 Omaplex 0 Comments

Protectionism can be defined as an act by which the governments placement of duties or quotas on imports to protect domestic industries from global competition.

Protectionism is often referred to as being a barrier to free trade.

Liberalization is the removal or reduction of restrictions or barriers to facilitate the free exchange of goods between nations. These barriers include tariffs, such as duties and surcharges, and nontariff barriers, such as licensing rules and quotas.

Protectionism and Liberalism was last modified: May 6th, 2021 by Omaplex