Explain the idea of economic nationalism. Discuss the main views of its earliest proponents.

Economic nationalism is a political ideology and policy framework that emphasizes promoting domestic economic interests and protecting national industries from foreign competition. It often involves measures such as tariffs, trade barriers, subsidies for domestic industries, and restrictions on foreign investment to prioritize national economic development and self-sufficiency. The idea of economic nationalism emerged in the late 19th and early 20th centuries as a response to globalization, industrialization, and increased international trade. Early proponents of economic nationalism articulated various views and arguments to support their positions.

One of the earliest proponents of economic nationalism was Friedrich List, a German economist who developed his ideas in the early 19th century. List argued that economic development should be guided by national interests rather than adherence to free trade principles advocated by classical economists like Adam Smith. List's views on economic nationalism can be summarized as follows:

1. Infant Industry Protection:
   List advocated for protecting and nurturing domestic industries, especially "infant industries" that were in the early stages of development. He argued that temporary trade barriers and subsidies were necessary to allow domestic industries to grow and compete against more established foreign competitors. List believed that once domestic industries became competitive, trade barriers could be gradually reduced.

2. National Economic Development:
   List emphasized the importance of national economic development and industrialization. He argued that countries should pursue policies that fostered industrial growth, technological innovation, and economic diversification to enhance national power and prosperity. List believed that economic self-sufficiency and industrialization were essential for national security and autonomy.

3. Critique of Free Trade:
   List criticized the prevailing doctrine of free trade, arguing that it was not suitable for all countries, especially those undergoing industrialization. He believed that unrestricted free trade could lead to economic dependence, deindustrialization, and exploitation by more advanced industrial nations. List's ideas challenged the notion that free trade was universally beneficial and advocated for a more pragmatic approach to trade policy.

Another notable proponent of economic nationalism was Alexander Hamilton, one of the founding fathers of the United States and the first Secretary of the Treasury. Hamilton's views on economic nationalism were influential in shaping American economic policy during the early years of the republic. His main views included:

1. Diversification of the Economy:
   Hamilton emphasized the need for economic diversification through industrialization and infrastructure development. He believed that a strong and diversified economy would make the United States less dependent on foreign imports and more resilient to external economic pressures.

2. Protection of Domestic Industries:
   Hamilton advocated for protective tariffs to shield American industries from foreign competition. He argued that tariffs would encourage the growth of domestic manufacturing and incentivize investment in key industries such as textiles, machinery, and transportation. Hamilton viewed tariffs as essential for fostering economic independence and reducing reliance on foreign goods.

3. National Economic Security:
   Hamilton linked economic nationalism with national security, arguing that a robust and self-sufficient economy was crucial for safeguarding the interests and sovereignty of the United States. He believed that economic strength was integral to establishing the nation's credibility and influence on the global stage.

In summary, the idea of economic nationalism emerged as a response to the challenges of globalization and industrialization in the 19th century. Early proponents like Friedrich List and Alexander Hamilton articulated views that emphasized protecting domestic industries, fostering economic development, and prioritizing national economic interests over unfettered free trade. These ideas laid the foundation for policies aimed at promoting economic self-sufficiency, industrialization, and national economic security, which continue to resonate in debates over trade and economic policy today.