Nationalism economic doctrine
Nationalism economic doctrineCreated by: Cojan Mihaela Pascaru
Mariana EMREI 142What is economic nationalism?Economic
nationalismis a body of policies that emphasize domestic control of
the economy, labor, and capital formation, even if this requires
the imposition oftariffsand other restrictions on the movement of
labor, goods and capital. In many cases, economic nationalists
opposeglobalizationor at least question the benefits of
unrestrictedfree trade. Economic nationalism may include such
doctrines asprotectionism andimport substitution.Policy
Implications
Economic nationalism should be understood as a set of practices
to create, bolster and protect national economies in the context of
world markets. The rise and institutionalisation of economic
nationalism in the 20th century was a product of economic crisis,
nationalist movements and enlarged states.There has been no return
of economic nationalism as in a generalised rise in protective
barriers to trade since the financial crash of 2011. Unlike the
1930s, sovereign debt has not motivated states to withdraw from
global markets.
Policy ImplicationsThe integration, complexity and extensity of
the worlds economy mean that a reversal of trade as great as during
the interwar period would entail an economic Armageddon. Whatever
future ructions the worlds economy experiences due, above all, to
chronic levels of sovereign debt, policy makers should be mindful
of this reality.Simultaneously, they should be aware that ongoing
instability may entail greater economic nationalism. The key lesson
from the period after the Second World War is relevant now at a
more overtly global level: the importance of planning, regulation
and respect for models of economic diversity to further global
trade.
History Actually, the new economic nationalism of the mid-20th
century stems from two different sources, not from one source
alone: one of these is, obviously, mercantilism; the other is the
doctrine of "national insulation" which, leaving aside the ancient
claims of Aristotle, goes back to Johann Gottlieb Fichte. Of these
two sources, the latter, though the less acknowledged and the less
known, is certainly the more important.The mercantilist tradition
included certain elements that are not found again in the
contemporary world, such as colonialism; and other elements which
are very prominent in present-day society, such as concern for
balances of payments and for full employment. What is, therefore,
particularly important to us today is not so much the entire
mercantilist tradition as some special parts of it. These can be
described as our mercantilist heritage.
The end of mercantilism was due to many causes. Because
mercantilism was so intimately related with the state, with state
structure and powers, its practical manifestations varied from
country to country as did its eventual contradictions and
difficulties.The goalseconomic nationalism involves the
implementation of economic policy that follows the national purpose
and direction.Economic nationalism draws on the foundations of
national identity, but concentrates on using economic means to
unite a populace and increase the power of the nation-state in the
world order.Nationalist sentiments are mobilized to ensure the
economic autonomy of the nation-state.The emergence of economic
nationalism in a state generally occurs as a result of several
conditions:First, the expansive processes of globalization may
elicit strong reactions by ethnic nationalities which fear the
eradication and subordination of their cultural identities;
2. Second, a set of elites and policy makers set nationalist
goals of autonomy, unity, and identity to appeal to this sentiment
and achieve several aims.ConsequencesBy directly and indirectly
supporting nationalist parties and doctrines, the Kremlin has
opened the door for radical and xenophobic parties. The creation of
internal and external enemies may have short-term benefits in
uniting a populace and thus encouraging economic growth,.
ConsequencesContributing to animosities between groups of
citizens within a state. Problems arise when a state actively
encourages these sentiments without placing limits on their
development.Russia finds itself in the particularly difficult
position of needing a strong, self-confident national identity to
drive economic development, while also wishing to prevent violent
manifestations in which supposed enemies are physically
targeted.Conclusionseconomic nationalism has emerged as a popular
and powerful theory that is supported by wide and diverse
constituencies looking to preserve their cultural heritage and
expand their states international power.Nation-states must
concentrate on building economic prowess in order to maintain or
strengthen their international influence.Conclusionsthe
consequences of encouraging economic nationalism can involve the
radicalization of politics and the persecution of segments of the
national population, which can lead to fragmentation and eventual
political and, hence, economic instability within a state.Thank
you!
