Question

Write short notes
Economic Nationalism

Hint:

Economic Nationalism aims to strike a balance between the advantages of globalization and the protection of domestic industries, safeguarding national sovereignty and control over vital resources.

Answer 1

Economic Nationalism is an ideology that emphasizes the importance of safeguarding and advancing the national economy. It advocates for policies that prioritize the interests of domestic industries over global market forces. The primary objective of economic nationalism is to achieve greater economic independence and minimize reliance on foreign nations.

Key characteristics of Economic Nationalism include:

• Protectionist measures, such as tariffs and import restrictions, to protect domestic industries from foreign competition.
• Promotion of local production and the growth of industries deemed essential for national security and economic prosperity.
• Restrictions on foreign ownership of key industries and resources, ensuring national control over critical assets.

Economic Nationalism has played a significant role throughout history, particularly during periods of economic development and crisis. This ideology is often linked with populist movements and has been used to promote policies aimed at reducing the influence of multinational corporations and foreign governments. In the contemporary world, it is frequently viewed as a response to globalization and free trade.