Effects of Economic Nationalism Paper

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ENANMNVQ1997

Economics

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Economic nationalism, or economic patriotism, refers to an ideology that favors state interventionism in the economy, with policies that emphasize domestic control of the economy, labor, and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. In many cases, economic nationalists oppose globalization or at least question the benefits of unrestricted free trade. Economic nationalism is the doctrine of mercantilism, and as such favors protectionism.

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Running head: EFFECTS OF ECONOMIC NATIONALISM

EFFECTS OF ECONOMIC NATIONALISM
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EFFECTS OF ECONOMIC NATIONALISM

1

Effects of Economic Nationalism
Economic nationalism is also referred to as economic populism or economic patriotism.
Economic nationalism is the possession of ideologies that favor state interventionism under the
operations of market mechanisms that include the internal control of an economy. A selection of
theories to be discussed in this paper include labor, fiscal policy, cyclical unemployment, and
recession. The mentioned factors contribute greatly to the structure and operation of an economy.
At the national level, the effects of labor, fiscal policy, unemployment, and recession play major
roles. A well-structured economy where resources such as labor, finances, unemployment
management, and recession effects are dealt with in a good manner can lead to a better national
economy.
Labor
The labor force in an economy aids in the utilization of resources available in meeting
various needs. An economy with an organized labor union aids in propelling nationalism forward
through better participation of workers in various assigned tasks. Most of the declining
economies in the world are subjected to poor remuneration offered by employers who have all
the powers in deciding payment rates. However, since the discovery of the importance of labor
within an economy, government agencies enacted labor laws that set minimum salary and wage
rates to protect employees from being mistreated through underpayment. Since labor is mostly
used in the domestic setting before going out for outsourcing reasons...


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