Economic Nationalism: New Trends and Implications

Economic nationalism and de-globalization are reshaping the global economy, with the state playing a central role in ensuring self-sufficiency in critical goods. The US and Britain have already taken steps to protect their domestic industries.

Specifically, the US allowed the acquisition of US Steel by Nippon Steel, but secured a veto right on strategic decisions. At the same time, the British government took control of British Steel to prevent the closure of blast furnaces.

In Greece, deindustrialization and dependence on imports necessitate the development of a national strategic economic plan to substitute imports and strengthen domestic production. Turkey, despite occupying territory of the Republic of Cyprus, is strengthening its position in European defense through the development of strong defense industries.

Giorgos X. Papageorgiou emphasizes the need for consensus among political, social and productive forces for national survival.