​Economic patriotism (which Marcel Cholaku talked about as a strategy for the future) consists of a set of policies to support national economies in the context of global markets. It sounds good, but things need to be handled with care, say researchers from the Elcano Royal Institute.

Economic patriotism can also be seen as including taxes or restrictions on the movement of labor, goods, and capital. Countries can also support certain industries to promote their growth and development

France pursued a policy of economic patriotism, protecting cultural industries such as film and television by providing subsidies.

China also 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 experienced a period of economic patriotism through the Make in India campaign, which aimed to promote domestic production and attract foreign investment

Japan pursued a policy of economic patriotism through the Abenomics program, which supported domestic investment to increase exports

Germany applies a policy of economic patriotism through the Industry 4.0 initiative, which is aimed at promoting the digitization of production and increasing competitiveness6.

These are just a few examples of how different countries have applied the policy of economic patriotism.

how economic patriotism was perceived by the international community

The international community perceived economic patriotism ambiguously. Some countries have embraced economic patriotism as a way to protect their domestic industries and promote national interests, while others see it as a form of protectionism that can harm international trade and cooperation.

Some critics argue that economic patriotism could lead to trade wars and undermine the global economy.

The European Union expressed concern about policies of economic patriotism, such as France’s protection of its cultural industry, and called for greater cooperation and coordination between member states.

The United States has been criticized for its policies of economic patriotism, such as the use of tariffs and trade restrictions, which were considered protectionist and harmful to international trade.

In general, the perception of economic patriotism by the international community is complex and depends on the variety of specific policies and methods used, the goals and interests of different countries, and the broader political and economic context.

The controversial policy of economic patriotism

Restrictions on foreign investment: Restrictions on foreign investment are controversial because they can limit foreign investment, cause diplomatic disputes, or even reduce economic growth.

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 distort markets.

The introduction of subsidies and quotas: can distort market outcomes and give domestic industry an advantage over foreign competitors

Promoting domestic consumption: Policies that encourage domestic consumption, such as Buy French, can be controversial because some believe they limit consumer choice and promote protectionism.

risks

Economic patriotism breeds protectionism: Economic patriotism policies can be seen as protectionist because they often prioritize domestic industry over foreign competitors, which can limit competition and hinder international trade and cooperation1.

Inefficiency: Economic patriotism policies can be ineffective as they can lead to misallocation of resources and market distortions that 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 encourage the consumption of sometimes more expensive domestic products and services.

Political interference: Economic patriotism policies can be subject to political interference because they often involve government intervention in the economy, which can lead to corruption and inefficiency.

Retaliation: Policies of economic patriotism can lead to symmetrical measures by other countries because they can be seen as protectionist and harmful to international trade and cooperation, damaging diplomatic relations