Protection is a series of measures taken by a country to ensure that one of its industries is still able to produce income. The most common measure taken is the imposing of tariffs on imported goods. This means that if there is a 25% tariff then a home grown company will effectively have 4/3 times as much to spend on the production of a similar good. The reason for protection is to ensure the survival of certain industries that are not operating at a competitive level at the moment, so that they may be competitive in the future.
The most commonly protected industries are infant industries, where without protection an industry will never be able to establish itself in a world market, and senile industries, which have been useful in the past but now are easily being undercut from abroad. Thus industries at both ends of their lives need protection if they are to survive. Without infant protection of industry it takes a truly exceptional company to be able to successfully start up.
Protection of agriculture in advanced countries is likely to occur because the demand for homegrown food is not growing at a sufficient rate to satisfy farmers. Imported food cuts even more into their livelihood, and so protection is introduced so that they will still make a living. In a way, this is a form of senile industry protection.
Pro*tec"tion (?), n. [L. protectio: cf. F. protection.]
1.
The act of protecting, or the state of being protected; preservation from loss, injury, or annoyance; defense; shelter; as, the weak need protection.
To your protection I commend me, gods. Shak.
2.
That which protects or preserves from injury; a defense; a shield; a refuge.
Let them rise up . . . and be your protection. Deut. xxxii. 38.
3.
A writing that protects or secures from molestation or arrest; a pass; a safe-conduct; a passport.
He . . . gave them protections under his hand. Macaulay.
4. Polit. Econ.
A theory, or a policy, of protecting the producers in a country from foreign competition in the home market by the imposition of such discriminating duties on goods of foreign production as will restrict or prevent their importation; -- opposed to free trade.
Writ of protection. Law (a) A writ by which the king formerly exempted a person from arrest; -- now disused. [Eng.] Blackstone. (b) A judicial writ issued to a person required to attend court, as party, juror, etc., intended to secure him from arrest in coming, staying, and returning.
Syn. -- Preservation; defense; guard; shelter; refuge; security; safety.
© Webster 1913.
printable version chaos
Everything2 Help
