Economic nationalism is a political ideology that emphasizes domestic control of the economy, labor, and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods, and capital. It is a form of protectionism and is often associated with opposition to globalization, free trade, immigration, and foreign direct investment. Economic nationalists argue that a country should maintain control over its economy and that it should avoid becoming too dependent on foreign countries.
The history of economic nationalism dates back to the mercantilist policies of the 16th to 18th centuries, when European nations sought to accumulate wealth by maximizing exports and minimizing imports. This was achieved through the imposition of high tariffs and the establishment of state monopolies. The goal was to create a favorable balance of trade that would bring gold and silver into the country and make it richer.
In the 19th century, economic nationalism became associated with the idea of nation-building, as newly independent countries sought to develop their economies and reduce their dependence on former colonial powers. This often involved the creation of state-owned enterprises and the imposition of restrictions on foreign investment.
In the 20th century, economic nationalism was often associated with socialist and communist regimes, which sought to control all aspects of the economy. However, it was also embraced by some capitalist countries, particularly during periods of economic crisis. For example, during the Great Depression of the 1930s, many countries adopted protectionist policies in an attempt to protect their domestic industries.
In recent years, economic nationalism has seen a resurgence in response to the perceived negative effects of globalization, such as job losses and wage stagnation. This has led to calls for greater protection of domestic industries and restrictions on immigration and foreign investment. However, critics argue that such policies can lead to economic inefficiency and conflict with other countries.
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