Economic Nationalism

An impactful set of practices for creating and protecting components of national economies are associated with the concept of economic nationalism. The three most important components of economic nationalism are relevant financial, physical, and industrial infrastructure. Acquiring support for public education is another important component of economic nationalism. As a consequence of the financial crisis in the 20th century, the institutionalization of this type of nationalism was found.  

Characteristics of Economic Nationalism

• Domestic control regarding labour, economy and capital formation is an important characteristic of economic nationalism
• This nationalism is considered not to be justified as only the implementation of related trade policies are associated with and aimed at this concept
• The concept of economic nationalism is the exact opposite of globalization
• Believers of economic nationalism are known as economic nationalists by whom benefits of unrestricted trade are questioned
• This ideology favours protectionism which is necessary for maintaining a safe and sustainable economic condition within a region
• The main purpose of this ideology is to protect the attributes related to a national economic system that is related to the world market context
• As per this concept, all markets are important and subordinate to every state
• The interests of the state are to be served by an equivalent market 
• The interests of the state may include accumulating military power and national security 

Impacts of Economic Nationalism

The world trading system is highly affected by economic nationalism. As per this concept, the goods of a particular country can be regarded as superior. 

• As a consequence of this ideology, stock prices are found to be undervalued
• Limitations of trade can be beneficial for a country, aiming to achieve a stable and sustainable economic condition
• The term ‘Mercantalism’ is associated with the concept of economic nationalism
• Economy-related policies are found to be customized and developed to gain expense     

Role of Romesh Chunder Dutt, the Pioneer of Economic Nationalism

• The pioneer of economic nationalism is Romesh Chunder Dutt 
• He was an efficient politician, economic thinker, and a civil servant 
• In 1899, Romesh Chunder Dutt was the president of INC (Indian National Congress)
• He was a famous economic historian and an efficient member of the Bengal Legislative Council during the nineteenth century
• Romesh Chunder Dutt was a reputable national leader and contemporary of Justice Ranade and Dadabhai Naoroji during the pre-Gandhian era
• The biggest contribution of this person to the economic concern of India is the thesis of ‘De-industrialization of India’
• Rather than the pioneer of economic nationalism, another title associated with Romesh Chunder Dutt is the ‘Father of Revolutionary Thoughts in India’
• ‘Nationality and Empire: A running Study of Some Current Indian Problems’ and ‘Memories of my life and times’ are the two most important writings of him
• According to him, economic stability can be acquired by solving the financial crisis which is caused by the then difficult religious situation
• Romesh Chunder Dutt played an important role in establishing the Hindu Mahasabha in 1906 

The Rise and Growth of Economic Nationalism in India

• The book ‘The rise and growth of economic nationalism in India’ is written by Bipin Chandra
• The full name of this book is ‘The Rise and Growth of Economic Nationalism in India: Economic Policies of Indian National Leadership’
• Bipin Chandra was a specialized Indian historian regarding the Indian Independence movements
• He is also known as a leading scholar who researched every single detail of Mahatma Gandhi
• In the history of the modern Indian economy, this book is a resourceful and important component
• This is a reflective book in which a critical view of the Indian economy is presented
• The role of early nationalists and their contribution to shaping the Indian economy is described in this book
• As per this book, the significant economic aspect that led national sentiment to the level and aspect of modernization can be evaluated
• Consequences of economic nationalism within the Indian economy can be identified and understood with the help of the book, ‘The rise and growth of economic nationalism in India’

Conclusion

The concept of economic nationalism is considered to specify more details about protectionism. The national economy and many unique phenomena associated with the national level are integrated part of this concept. Mercantilism is an important form of economic nationalism with which national growth, corporate funds, and military concerns can be managed. As per this concept, private owners of production factors are strengthened.