economic nationalism

noun

plural economic nationalisms

: a protectionist ideology or policy that aims to foster and shape a national economy by promoting domestic industries and by shielding domestic producers from foreign competition

Economic nationalism frames the economy primarily in terms of the nation, much like political nationalism does with the polity. The economy exists primarily to serve the nation … .

—Dani Rodrik

On one level, economic nationalism is associated with protectionism. Policies like tariffs, subsidies and import-quotas seek to protect companies and industries in a given nation from foreign competition. In other instances, economic nationalists have argued that emerging domestic industries require protection from foreign competition until they have become sufficiently stable.

—Samuel Gregg

The Great Depression of the 1930s had exacerbated economic nationalism and spurred protectionism. Given the problems of post-war reconstruction, many nations in Western Europe were not yet prepared to accept freer trade and expose themselves to American competition.

—T. E. Vedney

economic nationalist noun

plural economic nationalists

Examples of economic nationalism in a Sentence

Recent Examples on the Web

That Mexican industry thrived—despite its own internal turmoil—after the USMCA and the U.S.-China trade war shows that, ironically, Trumpian economic nationalism only really works with Mexico in the equation. —Alex González Ormerod, TIME, 21 Nov. 2024

As part of his economic nationalism, Trump has called for a 20% across-the-board tariff on all imports, a 60% duty on Chinese goods, and a punitive tax on U.S. companies that ship jobs overseas. —Ajay K. Mehrotra / Made By History, TIME, 29 Oct. 2024

Here’s the reality: one party, the G.O.P., ditched its establishment, embraced a form of economic nationalism and populism, and surprised everybody by winning a Presidential election. —Nicholas Lemann, The New Yorker, 28 Oct. 2024

Once ignited, the flames of economic nationalism are difficult to contain. —Kristen Hopewell, Foreign Affairs, 7 Oct. 2024

Word History

First Known Use

1897, in the meaning defined above