Economic patriotism

Economic patriotism is the idea that the government should make choices about the economy that give more help to certain groups, businesses, or industries depending on what they do and where they are.

Overview

Economic patriotism means wanting to help your own area more than yourself. It is also when you feel that you need to help the people who live in your area. Economic patriotism can apply to different areas. It can also involve different types of economic transfers. This includes transfers in a country or between countries. Economic patriotism means using different ways to help our own industries and trade with other countries. It is different from economic nationalism because it helps the local economy without stopping trade or immigration. It is important for leaders to encourage growth and make sure competition is fair. Economic patriotism also talks about watching over big companies to protect a country's economy. However, it can be hard to do that when companies work in many countries. The energy sector shows the need for people to work together across a region to keep their money and jobs.

Examples

Many American politicians, like Ro Khanna, Elizabeth Warren, and Barack Obama have suggested plans that use economic patriotism to help American industries and keep jobs safe. Economic patriotism is also being used around the world. Ukraine's president Volodymyr Zelenskyy has supported economic patriotism by giving rewards to businesses that stay in Ukraine and help it get stronger, especially after Russia's invasion in 2022. Another example is the Polish company Drutex which sells its products to different countries and also spends money in their own country on research and to hire people to help their economy grow.