Protectionism

Protectionism is the attempt by national governments to shield domestic markets and industries by imposing restrictions on imported goods. It is commonly viewed as a reaction to - or against - economic globalization, and is associated with the doctrine of economic nationalism. Although international free trade has long been a basic principle of the international economic order, some protectionist measures remain in place. The 2008 global financial crisis (GFC) has put protectionism back on the agenda. The neoliberal policies dominant since the late 1970s have - particularly in the context of post-GFC austerity - produced a backlash, particularly among those who have borne a disproportionate share of the adjustment costs of international free trade. Populists - particularly of the far right - have benefited from the political opportunities that have arisen, and there has been a renewed emphasis upon the protection of national borders and defence of national sovereignty.