The economic policy of restricting trade in order to shield domestic industries from competition is called .

protectionism

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globalisation

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Free Trade Agreement

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Export Quotas

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Solution

The correct option is A protectionism
Protectionism refers to a set of inward-looking policies to restrict trade, in order to protect domestic industries from foreign competition.

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Similar questions

The practice of restricting trade of an economy with other economies in order to allow domestic industries to flourish is called ___.

The trade policy which advocates domestic production of goods in order to reduce foreign-dependence is called:

The trade and economic policy of replacing foreign imports with domestic production is called ___ industrialisation.

Which of the following refers to trade barrier in the context of WTO?

I. Restrictions on domestic trade

II. Not allowing companies to do foreign trade beyond specific quantity

III. Restrictions on the export and import of goods

IV. Restrictions on the price fixed by companies

Policy	Feature
1. Industrial Policy Resolution, 1956	Private sector is barred from managing industries
2. Industrial Policy Statement, 1980	Industrial Policy Statement, 1980 Restrictive Trade Practices Act
3. New Industrial Policy, 1991	Declared Indian economy as mixed Economy

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