Difference between Economic protectionism and Economic intervencionism

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Explanation:

Protectionism is the practice of

promoting and protecting the domestic industries by the government. This is done by imposing tariffs, quotas and limiting the goods imported into the country. This is done to reduce competition from foreign counterparts, protect local industries and boost domestic production.

On the other hand, economic interventionism, refers to an economic policy position that has to do with the intervention of the government in the market so that it can correct market failures and also enhance the welfare of the people.