Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) "fair competition" between imports and goods and services produced domestically.

This policy contrasts with free trade, where government barriers to trade are kept to a minimum. In recent years, it has become closely aligned with anti-globalization. The term is mostly used in the context of economics, where protectionism refers to policies or doctrines which protect businesses and workers within a country by restricting or regulating trade with foreign nations.

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.

Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS, née Roberts (born 13 October 1925) is a British politician and the longest-serving (1979–1990) British prime minister of the 20th century, and the only woman ever to have held the post. A Soviet journalist nicknamed her the "Iron Lady", which later became associated with her uncompromising politics and leadership style. As prime minister, she implemented conservative policies that have come to be known as Thatcherism.

Originally a research chemist before becoming a barrister, Thatcher was elected Member of Parliament (MP) for Finchley in 1959. Edward Heath appointed her Secretary of State for Education and Science in his 1970 government. In 1975 Thatcher defeated Heath in the Conservative Party leadership election and became Leader of the Opposition, as well as the first woman to lead a major political party in the United Kingdom. She became prime minister after winning the 1979 general election.

After entering 10 Downing Street, Thatcher introduced a series of political and economic initiatives to reverse what she perceived as Britain's precipitous national decline. Her political philosophy and economic policies emphasised deregulation (particularly of the financial sector), flexible labour markets, the privatisation of state-owned companies, and reducing the power and influence of trade unions. Thatcher's popularity during her first years in office waned amid recession and high unemployment, until economic recovery and the 1982 Falklands War brought a resurgence of support, resulting in her re-election in 1983. Thatcher was re-elected for a third term in 1987, but her Community Charge (popularly referred to as "poll tax") was widely unpopular and her views on the European Community were not shared by others in her Cabinet. She resigned as Prime Minister and party leader in November 1990, after Michael Heseltine launched a challenge to her leadership.

Richard M. Ebeling (born January 30, 1950) is an American libertarian author, and was president of the Foundation for Economic Education (FEE) from 2003 to 2008.

He has written and edited numerous books, including the three-volume Selected Writings of Ludwig von Mises (Liberty Fund). His most recent works are Political Economy, Public Policy, and Monetary Economics: Ludwig von Mises and the Austrian Tradition, (Routledge, 2010), and Austrian Economics and the Political Economy of Freedom (Edward Elgar, 2003). He is the co-author and co-editor of, In Defense of Capitalism.

Ebeling received his B.A. degree in economics from California State University, Sacramento, his M.A. degree in economics from Rutgers University, and a Ph.D. in economics from Middlesex University in London, UK.

He served as a lecturer at University College Cork, Ireland, from 1981 to 1983, as an assistant professor at the University of Dallas from 1984 to 1988, and then as the Ludwig von Mises Professor of Economics at Hillsdale College from 1988 to 2003.