[1] While the coining of the term "economic patriotism" has been attributed to French parliamentarian Bernard Carayon,[6][7] there is evidence that the phrase has been in use since earlier times to describe nationalist intervention by the state.
Led by Italian economists like Alessandro Rossi, policies favoring nationalist protectionism of industries gained momentum.
[11] Though Hungary relied on Austria economically, as it provided a market for Hungary's agriculture production, there was a deep social and economic rift between the Austrians and Slavic people, who actively boycotted and protested Austrian rule in favor of more autonomy in the Balkans.
"[12] The philosophical foundations of economic nationalism are difficult to trace due to the ideology's lengthy history and its unique appeal to different types of groups.
During the late-19th and early-20th century this meant an emphasis on protectionism, increased role of the government, and even colonialism, as it was a means of modifying an occupied country's culture and creed.
[14][15] List brought elements of economic theory and national identity together, as he postulated that an individual's quality of life was in correlation with the success of their country and was a well-known proponent of tariffs in the United States.
[16] List's ideas on economics and nationalism directly challenged the economic theories of Adam Smith, as List felt that Smith reduced the role of national identity too much and favored of a globalized approach which ignored certain complexities of political life.
Both the French and US government used national security as the reason for opposing takeovers of Danone, Unocal, and the bid by DP World for 6 US ports.
There is a strong positive correlation in regions most impacted by the China trade shock and an increase in votes to leave the European Union.
[25] The impact of Europe's move towards a globalized economy has led to the passing of nationalist policies and the support of right-wing populist parties, which generally espouse nationalist and socially conservative views, although there was also a growth in support for left-wing populist parties, such as Podemos in Spain and Syriza in Greece.
[27][28] Such parties have formed governments in a number of European countries, including Poland (Law and Justice), Hungary (Fidesz), and, arguably, the United Kingdom, where the Conservative Party, headed by PM Boris Johnson, has absorbed the vast majority of UKIP's support since Brexit.
[32] In one example provided by Daniel J. Ikenson for the American libertarian think tank Cato Institute, a protectionist policy in the United States placed tariffs on foreign cars, giving local producers (Ford and GM market) market power that allowed them to raise the price of cars, which he said negatively affected American consumers who faced fewer choices and higher prices.
[33] An old criticism of economic nationalism dating back to the late 1920s is that of American social scientist Raymond Leslie Buell, who argued that it contributed to competition and warfare between states as they were motivated to annex territory containing resources, markets and seaports.