Government policies of "shielding” local producers from foreign competition by impsosing trade quotas and tariffs to imported goods and services. Subsidies to local producers are also result of protectionist policies.
One of the most popular concept of protectionism is the protection of "infant" industry. The idea is to subsidize an industry to grow and develop markets until it grows big to support itself. In practice, however, "infant" industries don't have an incentive to grow and face competition. See public choice economics module for more details.
Richard Ebeling - Free Trade Versus Protectionism
Don Boudreaux - Free Trade vs. Protectionism (LearnLiberty)
JULY 13, 2010
SEPTEMBER 16, 2009 by WILLIAM ANDERSON
Obama imposed new tariffs to please American union members, but the lower-paid workers in our country, however, will pay the deadly price, all in the name of "social justice" and "protecting American workers."
MARCH 23, 2009
NOVEMBER 17, 2006 by SHELDON RICHMAN
"With the 2006 election, America appears to have reached the tipping point on free trade. . . . Anxiety, and fear of jobs lost to India and China, seems a more powerful emotion than gratitude for the inexpensive goods at Wal-Mart. The bribe Corporate America has offered Working America -- a cornucopia of consumer goods in return for surrendering U.S. sovereignty, economic security and industrial primacy -- is being rejected." So writes conservative commentator Patrick J. Buchanan in his post-election analysis. Buchanan may be right. Free traders -- those who reject the bogus idea of a "national economy" -- should be nervous. More . . .
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If someone gets caught selling somebody elses property,he goes to jail.What may be legally bought andsold in the market is limited to legitimate privateproperty acquired by ones own effort or through voluntaryexchange with others. Since legal transactions aresettled accounts, what is traded belongs to neither thegovernment nor the community. It is private property,and as such the owner can dispose of it at his sole discretion,limited only by other peoplesrights. Correct?