Due to changing local and international objectives, economic nationalism has seen a resurrection in the twenty-first century. However, economic liberals frequently disparage programs that do not fit their worldview by using the phrase “economic nationalism” in a derogatory manner. It conceals more than it discloses, as is the case with every politically charged term. In practice, economic nationalism can take many different shapes, some of which are constructive and others of which are detrimental.

While extreme economic nationalism can be counterproductive, the same can be said of unchecked economic liberalism. When applied strategically, economic nationalism can serve legitimate domestic goals, such as strengthening national industries, reducing dependence on foreign markets, and reinforcing national identity. This approach does not necessarily entail harming other countries but rather prioritizing national economic interests within a global framework.

Understanding Economic Nationalism

The notion that the economy should primarily serve national interests is what defines economic nationalism, which is typified by state intervention in economic policies. This philosophy has its roots in realism, which holds that the state should work to maximize its gains because it is the main actor in international affairs. Economic nationalism encourages restrictive trade policies, government control over important industries, and steps to keep homegrown companies safe from overseas competition.

Economic nationalism peaked in the 19th century, but after World War II, economic liberalism gained prominence and eclipsed it. Countries adopted free trade, deregulation, and open markets more and more as globalization accelerated. However, there are drawbacks to economic liberalization as well, like........

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