Question

Write in detail the nature and impact of Economic Nationalism.

Answer 1

Economic Nationalism refers to the idea that a country should protect and promote its own economy, often at the expense of global economic integration. It was particularly significant during the colonial period when countries like India and China faced economic exploitation by colonial powers. Economic Nationalism in India was closely linked to the struggle for independence and was promoted by leaders like Dadabhai Naoroji and Gopal Krishna Gokhale. They emphasized the need for self-reliance in manufacturing and agriculture, rather than relying on imported goods.

Nature: Economic Nationalism advocates for economic policies that prioritize national interests. These include measures like tariffs on foreign goods, state control over critical industries, and land reforms to benefit the indigenous population. It also involves boycotting foreign products to promote domestic manufacturing, as seen in the Swadeshi Movement led by Gandhi during the Indian Independence Movement.

Impact: The impact of Economic Nationalism in India was profound. It encouraged the growth of Indian industries and reduced dependence on British imports. The Swadeshi Movement, which aimed at boycotting British goods, led to the establishment of several Indian-owned industries. It also contributed to a sense of national pride and self-sufficiency, which was a key element of India’s independence struggle.