Protectionism, economic policy pursued by a government to develop the economy through shielding it from foreign competition. It is pursued in the interests of the national bourgeoisie, via high customs duties on imported goods, limiting or prohibiting the import of certain items, subsidising national industry, etc. Protectionism was a method of the primitive accumulation of capital, promoted the growth of capitalist industry and the development of capitalism, and intensified the concentration of production in the hands of the big bourgeoisie. Under imperialism, which heightens contradictions between capitalist countries and greatly sharpens the struggle for foreign markets, protectionist policies become markedly aggressive in character and serve the interests of monopoly capital. The objective of imperialist protectionism is to monopolise the domestic market under the state’s patronage and to seize foreign markets to derive high monopoly profits, rather than to promote the development of national industry or agriculture, as was the aim of protectionism in the early period. The imperialist state imposes high duties on imported goods, thus restricting the import of foreign goods to its own country, which ensures a high level of monopoly prices on the domestic market. In the period of economic internationalisation, the monopolies, especially the multinationals, which have enterprises in different countries of the world, have sought to abandon some forms of protectionism. This led to the repeal of quantitative trade restrictions in the late 1960s and early 1970s and to 297 a considerable reduction of customs duties, although some countries occasionally increase duties even now. Today protectionism is increasingly shifting towards intensifying exports. To increase exports and pursue the battle against competitors on foreign markets, state subsidies and credits for exports, the financing of export industries, dumping and other measures are used. The development of imperialist integration determined the appearance of the policy of “collective” imperialist protectionism. This policy is pursued by the countries of the European Economic Community, which protect their Common Market through customs barriers and restrict the import of many goods, particularly from the USA and Japan. Promoting the growth of monopoly profits, protectionism and the higher prices and taxes associated with it worsen the position of the working people and heighten contradictions both inside capitalist countries and between them and their blocs. Unlike imperialist protectionism, the developing countries’ policy of protecting their nascent national economies is progressive in character, for it is aimed at strengthening their economic independence and defending them from the competition of imperialist monopolies.