Economic Nationalism

Economic Nationalism

Economic Nationalism

Economic Nationalism

Excerpt

A discussion of economic nationalism is a discussion of those fundamental principles which determine a government's relation to any economic problem which might be affected by international trade. Once conclusions have been reached on these basic principles it is then possible to adopt a consistent policy towards a great many subjects of controversy: i.e., protectionism and free trade; embargoes on foreign products; subsidies in local industries; national defense; colonial policy; foreign loans and investments; national economic planning, and a great number of local problems connected with the development of industry.

In particular economic nationalism is a question which must be studied in the light of post-war conditions. The revolutionary change in the status of the United States, from that of a debtor country to that of an outstanding creditor nation, has so completely altered our basic economic structure in international relations that a reconsideration of our old policies is imperative. At the same time the severity of the world depression has focused popular attention on many of the practical measures which are the expression of convictions on fundamental principles, and makes still more necessary a careful study of the basic doctrines.

At best economic nationalism is an indefinite term, used by its opponents more than by its proponents. Since the nature of this volume demands a specific starting place for discussion, the following definition has been adopted:

Economic nationalism is that governmental policy which aims to develop the nation as a closed unit, and to foster its ability to exist independently of other countries.

The subject is so large, and the ramifications which might be followed out so many, that a complete bibliog-

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