Infant industry
1). a new industry that is in its earliest stage of development: A newly-strengthened corporate sector should provide a valuable source of new capital to open the gateway to growth for more infant industries.(Cambridge Dictionary)
2). In economics, an infant industry is a new industry, which in its early stages experiences relative difficulty or is absolutely incapable in competing with established competitors abroad. (A Dictionary of Economics)
3). Governments are sometimes urged to support the development of infant industries, protecting home industries in their early stages, usually through subsidies or tariffs. Subsidies may be indirect, as in when import duties are imposed or some prohibition against the import of a raw or finished material is imposed. Economists argue that state support for infant industries is justified only if there are external benefits. That is underscored by the fact that the original bastions of the infant industry argument argued that external benefits aside, it is undeniable that both the US and Britain rose to become relative superpowers in economic terms by following their approach for an extended period of time. (A Dictionary of Economics)
Black, John. (1997). A Dictionary of Economics. Oxford Paperback Reference. Oxford: Oxford University Press. ISBN 0-19-280018-3.
Infant_industry. (2024). English Meaning - Cambridge Dictionary. Retrieved from https://dictionary.cambridge.org/dictionary/english/infant-industry