2023-06-04 17:40:00
Economic patriotism (of which Marcel Ciolacu spoke as a future strategy) consists of a set of policies to support national economies in the context of world markets. It doesn’t sound bad, but things need to be handled carefully, researchers say from the Elcano Royale Institute.
Customer food marketPhoto: Inquam Photos / George Călin
Economic patriotism can also be seen in the form of inclusion taxes or restrictions on the movement of labour, goods and capital. Countries can also support certain industries to help their growth and development
France applied policies of economic patriotism by protecting cultural industries, such as film and television, by providing subsidies.
China, too, through the “Made in China 2025” plan, which aims to make China a leader in high-tech industries and reduce dependence on foreign technology
India has had a period of economic patriotism policies through the “Make in India” campaign, which aims to promote domestic manufacturing and attract foreign investment
Japan applied policies of economic patriotism through the “Abenomics” program, which supported domestic investment to increase exports
Germany has applied policies of economic patriotism through the “Industry 4.0” initiative, which aims to promote the digitization of production and increase competitiveness6
These are just a few examples of how different countries have applied policies of economic patriotism.
how economic patriotism was received by the international community
The reception of economic patriotism by the international community has been mixed. Some countries have embraced economic patriotism as a way to protect their domestic industries and promote national interests, while others consider it a form of protectionism which can harm international trade and cooperation.
Some critics argue that economic patriotism can lead to trade wars and undermine the global economy.
The European Union has expressed concern about policies of economic patriotism, such as France’s protection of its cultural industries, and has called for a greater cooperation and coordination between member states.
The United States faced ccritics for his policies of economic patriotismsuch as the use of tariffs and trade restrictions, which were seen as protectionist and harmful to international trade
In general, the reception of economic patriotism by the international community is complex and depends on a variety of the specific policies and methods used, the goals and interests of different countries, and the broader political and economic context.
Controversial policies of economic patriotism
Foreign investment restrictions: Foreign investment restrictions are controversial because they can limit foreign investment, creating diplomatic disputes or even a growth contraction ECoNoMIC
State aid for certain industries: This is a controversial idea because it can be seen as favoring certain companies or sectors over others and can distorts the markets.
The introduction of subsidies and quotas: can distort market outcomes and favor domestic industries over foreign competitors
Promoting domestic consumption: policies that promote domestic consumption, such as “Buy French”, can be controversial as some see them as limiting consumer choice and promoting protectionism
risks
Economic patriotism breeds protectionism: Economic patriotism policies can be seen as protectionist because they often prioritize domestic industries over foreign competitors, which can limit competition and hinder international trade and cooperation1
Inefficiency: Economic patriotism policies can be ineffective because they can lead to misallocation of resources and market distortions, which can affect economic growth and development
Higher costs: Policies of economic patriotism can lead to higher costs for consumers because they can limit consumer choice and promote the consumption of sometimes more expensive domestic products and services
Political Interference: Policies of economic patriotism may be subject to political interference because often involve government intervention in the economy, which can lead to corruption and inefficiency
Retaliation: Policies of economic patriotism can lead to symmetrical measures from other countriesi, as they may be considered protectionist and harmful to trade and international cooperation, harming diplomatic relations
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