The document discusses protectionism and trade liberalization. Protectionism refers to restricting trade between countries through tariffs, quotas, and non-tariff barriers. Tariffs increase import prices while quotas restrict quantities. Non-tariff barriers make trade costly through regulations and standards. Countries adopt protectionism to shield domestic industries and jobs and for strategic or political reasons. Trade liberalization aims to reduce these barriers by promoting specialization, efficient resource allocation, and market access through agreements like GATT and the WTO. However, fully liberalizing world trade faces challenges in removing barriers like agricultural subsidies.