What is the term for attempts to protect domestic markets by making foreign goods less competitive?

The term that refers to attempts to protect domestic markets by making foreign goods less competitive is protectionism. This economic policy involves using various measures such as tariffs, quotas, and subsidies to support local businesses and industries against foreign competition. By increasing the costs of imported goods or limiting their availability, protectionism aims to encourage consumers to purchase domestically produced products. This approach can help safeguard jobs within the country and bolster local economies, particularly in industries that may struggle to compete against larger, more established foreign companies.

In contrast, globalization refers to the increasing interconnectedness of economies and cultures around the world, leading to a reduction in trade barriers. Free trade promotes minimal restrictions on imports and exports between countries, supporting the idea of open markets. Importation simply denotes the act of bringing goods into a country, without any implication of policy intentions or protections for domestic industries.