People who want to shelter domestic producers from foreign competition with tariffs, quotas, and other trade barriers are referred to as _____ .

Study for the VirtualSC Economics Honors Exam. Utilize flashcards and multiple-choice questions, each with hints and explanations. Get prepared for your exam!

Individuals who seek to protect domestic industries from international competition by implementing tariffs, quotas, and other trade barriers are referred to as protectionists. This group believes that such measures are necessary to preserve jobs, support local businesses, and ensure national security by making a country less reliant on foreign goods and services. Protectionist policies are typically aimed at reducing imports and encouraging domestic production, often on the grounds that they protect the economy from the adverse effects of globalization.

In contrasting terms, globalists advocate for free trade and open borders, suggesting that trade barriers can hinder economic growth and international cooperation. Trade liberals also favor less restrictive trade policies, supporting the idea that reducing tariffs and quotas can lead to greater economic efficiency and overall growth. Isolationists, while they may also advocate for limited engagement with foreign nations, typically focus more broadly on political and military disengagement rather than specific economic policies directed at trade. Thus, the term for those focusing specifically on protecting domestic industries through trade barriers is indeed protectionists.

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