preferentialism
/ˌprɛfəˈrɛnʃ(ə)lɪz(ə)m/ /ˌprɛfəˈrɛnʃəlɪz(ə)m/Economics
noun
The system of preference; especially (in Britain and the Commonwealth) the system of imperial preference (now historical ).
Origin
Early 20th century; earliest use found in The Times. From preferential + -ism, after preferentialist.