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DEFINITIONS

Economic nationalism

Definition

Economic nationalism is a term used to describe policies which are guided by the idea of protecting domestic consumption, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labour, goods and capital. It is in opposition to Globalisation in many cases, or at least on questions the unrestricted good of Free trade. It would include such doctrines as Protectionism, Import substitution, Mercantilism and planned economies.

Examples of economic nationalism include Japan's use of MITI to "pick winners and losers", Malaysia's imposition of currency contols 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.




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