Question

Who does protectionism protect? From what does it protect them?

Short answer

Domestic industries and consumers; foreign competition and harmful goods

Step-by-step solution

Step 1. Introduction 

Protectionism refers to a policy by the government to restrict international trade through the imposition of trade barriers. Different arguments are presented to justify protectionist policies.

Step 2. Explanation

Protectionist policies are adopted by a government to protect domestic industries from foreign competition. Not all industries in the domestic market are mature enough to handle the competition with advanced producers that are enjoying economies of scale. To protect such industries government uses several tools such as standards, regulations, tariffs, quotas subsidies, etc.

Protectionist policies are also adopted to protect the nation from being too dependent on other countries for certain imports thus becoming vulnerable. Health and safety standards are imposed to protect consumers. Environmental regulations are adopted to protect the environment from damage.