**Economic nationalism** is an ideology and policy approach that prioritizes a nation’s economic interests, often at the expense of globalization, free trade, or international economic cooperation.
It typically involves measures aimed at protecting domestic industries, promoting self-sufficiency, and maintaining control over key economic sectors. The idea of economic nationalism has evolved over time, but its earliest proponents had several main views:
- **Protectionism:** Economic nationalists advocate for protectionist policies, such as tariffs, import quotas, and trade barriers. They argue that these measures shield domestic industries from foreign competition and promote domestic production and job creation.
- **Self-Sufficiency:** Economic nationalists believe that a nation should strive for self-sufficiency in essential goods and services. They view dependence on foreign imports as a vulnerability that can be exploited by other nations or corporations.
- **State Intervention:** Proponents of economic nationalism often support significant state intervention in the economy. They argue that governments should play an active role in directing economic development, subsidizing strategic industries, and regulating foreign investment.
- **National Control:** Economic nationalists emphasize the importance of maintaining national control over key economic assets, such as natural resources, critical infrastructure, and strategic industries. They are often wary of foreign ownership or influence in these areas.
- **Protection of Workers:** Some early proponents of economic nationalism emphasized the protection of workers’ rights and fair labor practices. They believed that economic policies should prioritize the well-being of domestic workers over the interests of multinational corporations.
- **Economic Patriotism:** Economic nationalism is often associated with a sense of economic patriotism, where citizens and businesses are encouraged to buy domestic products and support national industries. This is seen as a way to bolster the domestic economy.
- **Sovereignty:** Economic nationalists emphasize national sovereignty and the ability of a nation to make its economic decisions without external interference. They are often critical of international organizations or trade agreements that they perceive as compromising national autonomy.
- **Resistance to Globalization:** Economic nationalists tend to be skeptical of globalization and the increasing interdependence of economies. They argue that globalization can lead to economic inequality and the erosion of national identity.
Early proponents of economic nationalism include:
- **Alexander Hamilton (United States):** Hamilton, one of the Founding Fathers of the United States and the first Secretary of the Treasury, advocated for economic policies that prioritized domestic industry. His “Report on Manufactures” in 1791 laid out a vision for protecting and nurturing American manufacturing.
- **Friedrich List (Germany):** List, a German economist, argued for the importance of economic nationalism in the early 19th century. He believed that developing domestic industries was essential for national economic strength and resilience.
- **Sergey Witte (Russia):** Witte, a Russian statesman in the late 19th and early 20th centuries, implemented policies aimed at industrialization and modernization within Russia, emphasizing the need for domestic economic development.
- **John Maynard Keynes (United Kingdom):** Keynes, an influential economist in the 20th century, argued for a degree of economic nationalism during times of economic crisis. He believed that government intervention and protectionist measures could help mitigate the effects of economic downturns.
It’s important to note that economic nationalism can take various forms, and its proponents may have differing views on specific policies and their implementation. While it has been associated with protectionism, economic nationalism is a multifaceted ideology that has evolved and adapted to changing economic and political contexts over time.