Economic nationalism is the doctrine of protecting one's national economy at all costs, even at the expense of others.
Arguments for economic nationalismEdit
At its best economic nationalism can help the development of industries that wouldn’t otherwise exist. Economic nationalism can also help a nation or a group of nations like the European Union avoid becoming dependent on outside nations that may not mind harming the country or group of nations.
- Third World nations in particular are vulnerable to large Multinational companies that may harm the poor people in those nations when this is profitable for them.
- Third World nations in particular are also vulnerable to swings in external markets that they can’t control.
Economic nationalism can protect countries against this.
Arguments against economic nationalismEdit
Tariff protection subsidies and other ways that a government can help industries can allow inefficient firms or industries to survive and reduce the overall efficiency of an economy. When tariff protection harms other nations the nations that are harmed are inclined to retaliate and harm the nation that started the protectionism. The whole world can get into a downward spiral as each nation tries to protect its own industries at the expense of other nations.