Economic nationalism

Extracted Attributes

• Goals

  National security, Accumulating military power, Enhancing self-sufficiency and political autonomy, Re-industrialization of the United States (as discussed in fictional debate), Supply chain resiliency

• Favors

  Protectionism, Self-sufficiency, State intervention in the economy, Domestic control over economic, labor, and capital movements, Industrialization (often state-supported)

• Opposes

  Globalization, Unrestricted free trade

• Core belief

  Economy should serve nationalist goals

• Also known as

  Economic patriotism, Economic populism, Nationalist economics

• Contrasts with

  Economic liberalism, Economic socialism

• Prominent variant

  Mercantilism

• Policy instruments

  Tariffs, Restrictions on labor, goods, and capital movement, Subsidies, Import quotas

• View of international trade

  Zero-sum game (aiming for relative gains)

Timeline

• Rise of economic nationalism. (Source: web_search_results)

  late 19th century

• Impetus of crisis (e.g., Great Depression) reinforced economic nationalism. (Source: web_search_results)

  1929

• Institutionalization of economic nationalism. (Source: web_search_results)

  1945

• After the financial crash, commentators warned of a resurgence of economic nationalism/protectionism. (Source: web_search_results)

  2008

• Witnessed a resurgence of economic nationalism or mercantilist ideas, shifting the global economic framework towards more protectionist policies and leading to trade wars. (Source: web_search_results)

  21st century

• During Donald Trump's presidency, rhetoric associated with economic nationalism was prominent, railing against economic orthodoxy and globalization. (Source: web_search_results)

  unknown

• Under President Bill Clinton, PNTR (Permanent Normal Trade Relations) was granted to China, facilitating its entry into the WTO (World Trade Organization), a policy later criticized by economic nationalists. (Source: related_documents)

  unknown

Economic nationalism

Economic nationalism or nationalist economics is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. As a prominent modern ideology, economic nationalism stands in contrast to economic liberalism and economic socialism. Economic nationalists oppose globalization and some question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency. To economic nationalists, markets are to be subordinate to the state, and should serve the interests of the state (such as providing national security and accumulating military power). The doctrine of mercantilism is a prominent variant of economic nationalism. Economic nationalists tend to see international trade as zero-sum, where the goal is to derive relative gains (as opposed to mutual gains). Economic nationalism tends to emphasize industrialization (and often aids industries with state support), due to beliefs that industry has positive spillover effects on the rest of the economy, enhances the self-sufficiency and political autonomy of the country, and is a crucial aspect in building military power.

Web Search Results

• Economic nationalism - Wikipedia

  icon Economic nationalism or nationalist economics is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. As a prominent modern ideology, economic nationalism stands in contrast to economic liberalism and economic socialism. [...] Economic nationalists oppose globalization and some question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency. To economic nationalists, markets are to be subordinate to the state, and should serve the interests of the state (such as providing national security and accumulating military power). The doctrine of mercantilism is a prominent variant of economic nationalism. Economic nationalists tend to see international trade as zero-sum, where [...] protection against natural economic occurrences[which?], many Europeans have begun to embrace economic nationalism. This is because modern European nationalists see their nation's economy becoming generally more globalized at the expense of one's own economic status. Globalization, like the type one can observe in the European Union, is easy to oppose as it creates winners and losers. Those who lose their jobs due to globalization are more likely to be drawn to parties espousing economic

• “Economic Nationalism in the 21st Century: How Tariffs Policy ...

  Economic Nationalism — Economic nationalism refers to the country’s economic policy which promotes domestic industries over foreign competition. It used policy instruments such as protectionist measures — tariffs, subsidies and import quotas. The rationale behind these economic policies is to protect domestic industries, increase domestic employment, and reduce dependence on foreign made goods and services. [...] However, the 21st century witnessed the resurgence of Economic Nationalism or in other words rise of mercantilist ideas which shifts the global economic framework from economic integration to more protectionist policies and leads to trade wars among different economies of the world. Tariffs which are the most important tool for trade restrictions affect the domestic as well as international economy. [...] The tension between these two forces arises from the inherent conflict between national interests and global economic integration. Economic nationalism often seeks to prioritize domestic industries, even if it means sacrificing efficiency and consumer welfare. On the other hand, globalization promotes efficiency, innovation, and lower prices for consumers by breaking down barriers to trade and investment. ## Balancing Domestic Industries and International Trade —

• Economic Nationalism: Theory, History and Prospects

  This article makes both a theoretical and empirical contribution to understanding economic nationalism. It does this first through providing an appropriate definition of the term. Taking issue with the generalised remit of economic nationalism in recent writings, it suggests that it consists of practices to create, bolster and protect national economies in the context of world markets. Taking this definition, the subsequent history section identifies economic nationalism’s rise in the late 19th [...] century, the impetus of crisis after 1929 and its institutionalisation after 1945. Simultaneously, the accelerating growth of world markets through greater exports undermined the reality of national economies. This takes us to the period after the financial crash of 2008. In its aftermath, commentators warned of a resurgence of economic nationalism, that is, protectionism. Some states did increase tariff levels but this has not led to a generalised increase in barriers to trade in the pursuit [...] #### Follow us ## Search ## Main navigation #### Follow us ## Search # Economic Nationalism: Theory, History and Prospects

• The global resurgence of economic nationalism: A looming threat for ...

  A new strain of economic nationalism is reshaping policies in the world’s two largest economies – the U.S. and China – and risks infecting the rest of us. This bout of nationalism coincides with profound structural changes in the global economy, a looming energy transition and intense strategic competition between America and China, making its future path highly uncertain and extremely difficult to navigate. It is an emerging risk to the global economy and Canada is not immune. [...] As we witnessed during Trump’s presidency, the rhetoric associated with economic nationalism is a narrative of failure by political leadership, elites and institutions to have addressed and remedied these perceived inequities. There is no unifying economic theory underlying economic nationalism. Nationalist policy advocates like Trump have typically railed against the constraints imposed by economic orthodoxy and globalization, while relying on a policy toolkit of protectionism and industrial [...] Donald Trump certainly did not invent economic nationalism, despite his claims to the contrary. The world has been through periodic bouts of economic nationalism over the last two centuries1, usually triggered by a perceived sense of inequity or loss of status by groups within a country or by a nation relative to its peers. Not surprisingly, shocks from transformative technologies, shifts in globalization and wars have reinforced these triggers.

• The Revival of Economic Nationalism and the Global Trading System

  The underlying logic of economic nationalism, as espoused by President Trump, is fundamentally at odds with the underlying theory of the GATT/WTO multilateral trading system. The GATT/WTO system is based upon the economic logic of a “positive sum game,” i.e., that trade concessions can enlarge the pie to mutually benefit all participants in the system.18Raj Bhala, International Trade Law: Interdisciplinary Theory and Practice 47 (3d ed. 2007).. Economic nationalism, by contrast, is based on a [...] zero-sum game. The economic nationalism espoused by the current Administration, if unconstrained, can result in the dismantling of the current multilateral trading system leading to long-term negative, if not catastrophic, consequences for the world economy. [...] By contrast, President Trump’s economic nationalism holds that trade is a “zero sum game” in which a gain in trade by one nation must be accompanied by a corresponding trade loss by another nation. Under the view of the current Administration, the United States has often been the loser in the global trade deals of the GATT/WTO. The current Administration now seeks to dictate the terms of any future trade agreements so that the United States wins at the expense of its trading partners in a

Economic nationalism, also called economic patriotism and economic populism, is an ideology that favors state interventionism over other market mechanisms, with policies such as domestic control of the economy, labor, and capital formation, including if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. The core belief of economic nationalism is that the economy should serve nationalist goals. Economic nationalists oppose globalization or at least question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency. To economic nationalists, markets are to be subordinate to the state, and should serve the interests of the state (such as providing national security and accumulating military power). The doctrine of mercantilism is a prominent variant of economic nationalism. Economic nationalists tend to see international trade as zero-sum, where the goal is to derive relative gains (as opposed to mutual gains). Economic nationalism tends to emphasize industrialization (and often aids industries with state support), due to beliefs that industry has positive spillover effects on the rest of the economy, enhances the self-sufficiency and political autonomy of the country, and is a crucial aspect in building military power.