Economic Nationalism
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Economic nationalism is a term used to describe policies which emphasize on 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 in opposition to globalization in many cases, or at least it questions the benefits of unrestricted free trade. Economic nationalism may include such doctrines as protectionism and import substitution. Examples of this include Henry Clay's American System (economic system), Japan's use of MITI to "pick winners and losers", Malaysia's impo...
Economic nationalism is a term used to describe policies which emphasize on 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 in opposition to globalization in many cases, or at least it questions the benefits of unrestricted free trade. Economic nationalism may include such doctrines as protectionism and import substitution. Examples of this include Henry Clay's American System (economic system), Japan's use of MITI to "pick winners and losers", Malaysia's imposition of currency controls in the wake of the 1997 currency crisis, China's controlled exchange of the yuan, Argentina's economic policy of tariffs and devaluation in the wake of the 2001 financial crisis and the United States' use of tariffs to protect domestic steel production. Instances became more visible from 2005 after several governments intervened to prevent takeovers of domestic firms by foreign companies. Some cases include: Proposed takeover of Arcelor (France and Luxembourg) by Mittal (India).
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