By Otto Hieronymi (eds.)
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Additional info for The New Economic Nationalism
To und erstand it we have to keep renewing our evaluation of its evolution. We must find the similarities between the past and the present in order to predict the world of the futureif we are optimistic enough to think we can say something about the future. We must seek the similarities between the present and the past while recognising the differences. In some cases, the differences are obvious while the similarities are concealed. That has been the experience of the turbulent twentieth century in the monetary area.
In the 1970S political nationalism in the Western countries is largely defensive; it is of the kind that announces: 'we want to maintain our values and identity, we want less foreign entanglement'. But, there is also a strong feeling in the United States, in Britain, in Switzerland, in Japan and in Germany that more emphasis has to be put on the safeguarding of national economic interests. While there are analogies between the economic and, in particular, the monetary nationalism of the 1970S and the 1930s, for the time being the differences, especially in the field of trade, continue to predominate.
As recently as the nineteenth century and early twentieth century - even in the most liberal nations - there was relatively little decentralised control over questions of war and peace. Economic decisions, however, were decentralised and only a very few aspects of economic policy were centrally controlled. Today, notwithstanding the instantaneous nature of nuclear weapons, the decision-making process about war The New Economu Nationalism and peace has become much more diffused and open. Government budgets currently represent an unprecedented share of national income (even in wartime they hardly reached comparable levels).
The New Economic Nationalism by Otto Hieronymi (eds.)