Economic Nationalism Law and Legal Definition

Economic nationalism refers to the economic policy used by a nation for protecting the domestic market or opening up foreign markets through unilateral or bilateral governmental action. Economic nationalism is characterized by extensive governmental control of trade and the subjection of economic matters to overriding considerations of political and military policy. Tariffs, quota restrictions, currency depreciation, and export subsidies are some of the techniques used by states pursuing policies of economic nationalism. Economic nationalism may include such doctrines as protectionism and import substitution.