About the video: This is from CNBC. Talking about the Global recession with Henry Kissinger from the Davos World Economic Forum 2008 Protectionism is the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over or competition. This is closely aligned with anti-globalization, and contrasts with free trade, where no artificial barriers to entry are instituted. The term is mostly used in the context of economics, where protectionism refers to policies or doctrines which "protect" businesses and "living wages" by restricting or regulating trade between foreign nations: Subsidies - To protect existing businesses from risk associated with change, such as costs of labor, materials, etc. Protective Tariffs - to increase the price of a foreign competitor's goods ( Including restrictive quotas, and anti-dumping measures.) on par or higher than domestic prices. Quotas - to prevent dumping of cheaper foreign goods that would overwhelm the market. Tax cuts - Alleviation of the burdens of social and business costs. Intervention - The use of state power to bolster an economic entity. Trade restriction Exchange Rate Protectionism can be described as the economic means to achieve the political goal of an independent nation. For this reason, the Tariff Act of 1789, signed by President Washington on July 4, was called the "Second Declaration of Independence" by newspapers at the time. The opposite of protectionism, free trade, is the economic means to achieve the political goal of interdependent nations. Protectionism has frequently been associated with economic theories such as mercantilism, the belief that it is beneficial to maintain a positive trade balance, and import substitution. Recent examples of protecti...