Protectionism is a policy of protecting domestic businesses, industries, and citizens from foreign competition through measures such as tariffs, quotas, and subsidies. Protectionist policies deliberately restrict international trade to promote domestic output, employment, and economic growth. They are often used as a way to protect domestic producers from foreign companies or countries that might have an advantage due to lower labor costs or cheaper raw materials.

Protectionist policies are typically enacted by countries to protect their industries and workers from foreign competition. Governments can use a variety of methods to achieve this goal, including tariffs and quotas, subsidizing domestic industries, imposing product standards, and setting currency exchange rates.

Tariffs are taxes on imported goods that are designed to make imported goods more expensive than their domestic counterparts and thereby encourage people to buy domestic products. A quota is a limit on the amount of a certain commodity that can be imported in a given period. The purpose is to ensure that domestic production of those commodities is sufficient to meet domestic needs. Subsidizing domestic industries is an indirect form of protectionism as it directly supports domestic producers, thus making it difficult for foreign competition to compete. Product standards can range from ensuring the safety of food or health-related products to making sure all cars sold in the country adhere to certain laws and regulations. Currency exchange rates are set by governments in order to ensure the foreign exchange rate does not become too strong and make exports too expensive.

Protectionism has been criticized for having the potential to stifle economic growth and for leading to higher consumer prices. Furthermore, protectionist policies can lead to inefficiencies in production and market distortions as domestic firms are sheltered from foreign competition. Countries that engage in protectionism may also experience a deterioration in their relations with other countries and, in some cases, can lead to trade wars.

Despite these drawbacks, protectionism can, in certain circumstances, benefit a country's economy. Protectionism can help stabilize domestic markets for certain industries and prevent drastic price swings due to global competition. Furthermore, protecting domestic industries can help nurture and sustain the development of that sector, potentially leading to productivity gains and increased job security.

In conclusion, protectionism is a complex policy that can be controversial and difficult to navigate. The value of protectionism depends on the specific situation and goals of the country in question. Although it can lead to higher consumer prices, protectionism can also benefit domestic industries and economy. However, it is important to assess the effects of protectionism on a case-by-case basis before enacting any policy.