Political Economy Economic Systems Questions
Economic nationalism refers to a set of policies and practices that prioritize the interests of a nation's domestic economy over international trade and globalization. It involves the promotion and protection of domestic industries, businesses, and workers through measures such as tariffs, subsidies, import restrictions, and regulations. The main objective of economic nationalism is to ensure economic self-sufficiency, protect national industries from foreign competition, and promote the overall economic well-being of the nation. This concept often arises from a belief that a nation's economic prosperity and security are closely tied to its ability to control and protect its own economic resources and industries. Economic nationalism can have both positive and negative impacts, as it can foster domestic industries and job creation, but it can also lead to trade conflicts, reduced international cooperation, and inefficiencies in resource allocation.