Economic nationalism

Economic nationalism, also called economic patriotism as well as economic populism, is an ideology that favors state interventionism over other market mechanisms, with policies such(a) as domestic leadership of the economy, labor, & capital formation, including whether this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. The core view 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(a) 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.

Philosophy

The philosophical foundations of economic nationalism are difficult to trace due to the ideology's lengthy history and its unique appeal to different kind of groups. The four general pillars come from its political, cultural, economic, and social roots. Though details surrounding these four pillars may differ depending on a nation's status, generally a nation's own status and economic stability takes precedence over another. During the late-19th and early-20th century this meant an emphasis on protectionism, increased role of the government, and even colonialism, as it was a means of modifying an occupied country's culture and creed.

In both Germany and Italy, Fredrich List played a role in the rise in economic nationalism during the 1800s. List brought elements of economic notion and national identity together, as he postulated that an individual's shape of life was in correlation with the success of their country and was a well-known proponent of tariffs in the United States. List's ideas on economics and nationalism directly challenged the economic theories of Adam Smith, as List felt that Smith reduced the role of national identity too much and favored of a globalized approach which ignoredcomplexities of political life.