Economic Nationalism in Economy

In order to fully understand the role of the economic nationalism to the development of our country, let us take a look at its characterization. As defined in Wikipedia, Economic nationalism is a body of 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. It should be understood as a set of practices to create, bolster and protect national economies in the context of world markets. The objective of economic nationalism is to for the government to take control over the economy to help its citizen involve in building the country through participation in income generation by means of self employment and entrepreneurship or by employment in privately or publicly owned industries.

We must take into accounts that the success of economy is based on employment, capitalization or capital formation, stock market, government debts, trades, national products and inflation rates and these are all regulated by economic nationalism with the virtue of implementing rules and regulations of the government.  Through economic nationalism, the government controls the trading in the country, some implements tariffs to products for income generation, which in turn used to finance projects that will enhance the quality of life of the people and create jobs. Also, it helps the government finance the projects to industrialize the country without borrowing monetary help from international agencies, so decreasing governmental debts.  With economic nationalism, the government accentuates control over political stability, which in the end attracts investors and promotes economic development. All these interrelated matter have one goal, help build economy.