Economic patriotism
economic policy
Economic patriotism, also referred to as New Economic Patriotism, is a term used to describe the practice of making economic decisions that prioritize certain groups, businesses, or industries based on their regional status. It involves favoring the interests of a specific region over personal interests, and implies a moral obligation to the community that supersedes obligations to those outside of it. Economic patriotism can encompass different geographical areas and can involve transfers between various levels of economic affinity.
Economic patriotism is not limited to protectionism and can include a variety of policy approaches, from protectionist measures to market opening strategies. Unlike economic nationalism, economic patriotism emphasizes supporting and promoting one's own region's economy without abandoning strategic trade or foreign direct investment and without severely restricting immigration.
Into the 2020s, the concept of New Economic Patriotism has gained traction, emphasizing the importance of a nation's productive capabilities for its security, stability, and overall well-being. New Economic Patriotism promotes the idea that nations can build sustainable and inclusive economies without engaging in zero-sum competition or disfavoring other countries' development. Its strategy involves prioritizing domestic production, and investing in diverse industries and regions.
Overview
Ben Clift and Cornelia Woll
Economic patriotism, as defined by Ben Clift and Cornelia Woll, refers to making economic decisions that give priority to certain groups, businesses, or industries based on their regional status. It entails a form of partiality in economic matters, where the interests of a specific region are given greater consideration than personal interests.
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This entry incorporates text from “Economic patriotism” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.