Protectionism is a con concept which is used by governments to safeguard the domestic industry against foreign competition, so that they are allowed to prosper and gradually grow to be able to compete globally. The famous example is the airline industry which is mostly domestic and does not allow other countries to contribute heavily to compete with the domestic ones to nurture them and help them to grow to maturity. The measures are basically implemented with the use of tariffs and quotas, but the trade policies and foreign investment policies also give more indication towards protectionism measures taken by a country. The measures are justified because a particular government is more responsible to nurture the demands and profits of the domestic industry and not the foreign companies that set up shop in a foreign country (Blonigen 2010). The measures to protect the domestic industries are justified completely because a democratically elected government has domestic responsibilities to fulfil first. The measures makes the employment more easier and stable and reduced unemployment which in turn reduces a lot of other factors like crime, corruption, unfair practices, duplicate products manufacturing, etc.
These menaces are avoided by introducing measures of protectionism by way of tariff introduction, quota introduction, and policy and trade agreements with specific clauses about protection of domestic markets. Protectionism has disadvantages too as it makes the domestic companies more secure and they eventually fail to become competitive on a global level and may lose their existence in the future when international competition is opened up fully. There may be job outsourcing as more challenging jobs are south after in the globally competitive companies and the domestic industry loses a competitive advantage and also lose intellectual capital to global rivals. Without more seasoned competition, the domestic companies will be free to raise prices of products at their will and without much regulation thus preventing the best price to come out in the market and making consumers pay more with higher prices.