Protectionism is to be the next buzz word that the New Labour contolled media are to try to tarnish!
Its meaning in purest form:

Protectionism is the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies. This policy is closely aligned with anti-globalization, and contrasts with free trade, where government barriers to trade are kept to a minimum. 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 between foreign nations.

Seems that protectionism would only be bad if you where trying to destroy the economic power of a country such as Britian! Down with New Labour!