Research topic: protection

protection practice of regulating imports and exports with the purpose of shielding domestic industries from foreign competition. To accomplish that end, certain imports may be excluded entirely, import quotas may be established, or bounties paid on certain exports. One method is to impose duties on imports (see tariff ), increasing the price of the imported article, and making it less attractive to the consumer than the cheaper, domestically produced article. In the 20th cent. Britain used a system of protection known first as imperial preference and later as Commonwealth preference, des... Read more