The current globalized world economy is interconnected. However, there is a political trend of Economic Nationalism in U.S.A., Europe, and other countries leading to import tariffs and protectionism. The goal of the economic nationalism for a nation is to promote its economic growth and prosperity of its citizens. It represents a set of country-specific economic practices to create, strengthen and protect a nation’s economy in the context of international markets. The recent trend of economic nationalism or protectionism stems from the rapid globalization, the recent economic crisis, trade deficits and the nationalist movements.
Globalization is also perceived as a threat to national security by some countries as they perceive the national greatness in terms of military power (Ali, 2017; Mason,2017, Iliescu, 2017). Recent examples of economic nationalism include UK exiting from European Union (BREXIT, 2017), the U.S. pulling out of the multilateral Trans-Pacific Partnership trade deal involving twelve countries while Japan trying to achieve a deal among the remaining eleven countries (Nikkei Asian Review, 2017). The opposition to Transatlantic Trade and Investment Partnership (TTIP) between U.S. and the European Union signals a new environment with a potential for nationalistic, protectionist and anti-globalization policies. Economic nationalism encourages economic policies aimed at promoting domestic control of consumption, labor and capital formation. It questions the benefits of unrestricted global free trade. The economic nationalism often calls for trade protectionism, limiting imports, increasing exports, currency manipulation and restricting immigration (Pryke, 2012). There is a relationship between economic nationalism and foreign direct investment (FDI) in emerging markets. The public opinion and prevailing preferences regarding FDI affect the location decisions of multinational companies(Jacobsen and Jacobsen, 2011).
Economic nationalism can be understood in terms of local government economic policies, attitudes of domestic firms towards foreign domestic investment, the attitudes of consumers towards foreign goods and firms, and the interaction of the multi-national firms and domestic firms. The expectations model of economic nationalism includes the people’s expectations of their government, domestic firms, and the general public, in terms of restricting the activities of foreign firms. (Akhter, 2007; Nakano, 2004). An alternative view of economic nationalism differentiates it from protectionism and defines as leveraging of national resources to secure economic benefits from the world economy. This view holds that the countries are not only active participants in globalization but they continue to strategically express nationalism in new global settings by supporting national firms and citizens overseas. Business leaders of the multinational corporations focus not only on the benefits that they will derive from entering a country, but also the benefits they will deliver to their domestic economy by investing capital in a foreign country (D’Costa, 2009).
Different countries practice economic nationalism in different ways based on their emerging priorities in the social, political and economic contexts. Both the developed economies and developing economies are exhibiting a recent surge in economic nationalism. The increasing globalization and the growth of world markets through greater exports has threatened the economic growth of developed economies that import more than export like the U.S.A. Many Asian firms have become globally competitive by using the processes of globalization and economic nationalism. Through effective firm strategy and economic nationalistic policies of China, the Chinese multi-national firm Huawei has exceeded Swedish firm Ericsson for making telecommunication equipment. Other examples include Lenovo and Haier from China and Infosys from India. Many Western nations including U.S. are beginning to warm up to the idea of using economic nationalistic policies to promote their own industries and make them more competitive globally (D’Costa, 2012). A country’s economic openness affects its economic nationalism. The economic interests of a country in the domestic market relative to its interests in the foreign market influence its economic nationalism sentiment. Increasing the foreign trade reduces the economic interests in the domestic market and thus weakens its economic nationalism. Using the Chinese Political Compass data and the World Value Surveys data, this prediction holds both cross-sectionally and over time. Based on the cross-country data, this also applies to the analysis of nationalism across countries. (Lan and Li, 2015).
Economic nationalism can be misinterpreted as anti-globalization and isolation, which can be self-defeating for a nation in the hyper-connected world economy. The complexity of the implementation of economic nationalism lies in preserving self-interest and promoting international economic partnerships. Economic nationalism can co-exist with globalization. Economic nationalistic policies can be used to manage the globalization processes to a country’s own advantage. Globalization can be used as a means to serve the developmental needs of a country using economic nationalistic policies to have access to foreign capital, expertise and markets leading to export-oriented domestic industries. Economic Nationalism is not just a "protectionist" ideology. Economic Nationalism demonstrates the economic significance of policies that promote the industries in a nation to grow and expand beyond its national borders to become global. It is associated with context-specific economic policies including support for economic liberalization and globalization (Helleiner, 2004; Stiglitz, 2002).
The multinational firms are facing an increasingly unstable international investment climate due to the economic nationalism leading to foreign assets being taken over by domestic governments by nationalizing the strategic assets like minerals and oil (Wagner and Disparte, 2016; Green, 2008). The CEO’s and managers of the multi-nationals have to explore the political-risk insurance. For domestic and multi-national firms, the negative sentiments about immigration will have an impact on global talent management, foreign domestic investment and mergers and acquisitions. The business leaders of domestic and multinational firms have to devise new strategies to deal with the governments, consumers and markets in this new environment. The multinational corporations have to overcome the protectionist sentiments among consumers and government regulators and reinvent their corporate social responsibility models. They have to think about the new strategies in dealing with the country-specific perspectives of economic nationalism.
Objective of the Book
Cconomic nationalism creates uncertainty for domestic and global business leaders. In this uncertain environment, the business leaders have to come up with new strategies to deal with consumers, governments, and markets. This book will aim to provide an understanding of the recent rise of the economic nationalism in the context of the hyper connected global economy. Strategies for the managers of the domestic and international firms will be discussed to make their firms successful. Country-specific perspectives of economic nationalism will be presented. A balanced perspective will be presented where economic nationalism and globalization can co-exist.
The target audience of this book includes the business leaders, government policy makers, managers of domestic and multinational firms and researchers working in the field of economic nationalism , economic growth, foreign domestic investment, and global talent management. The CEO’s and Managers of domestic and multi-national firms will benefit from the discussion of strategies in today’s volatile, unpredictable and uncertain economic environment with the increasing sentiment of economic nationalism.
1. International Business and Economic Nationalism
2. Economic Nationalism and Protectionism
3. Economic Nationalism and Economic Growth
4. Economic Nationalism and International Firms
5. Economic Nationalism and Globalization
6. Economic Nationalism and Foreign Domestic Investment (FDI)
7. Economic Nationalism and Global Economic Stability
8. Economic Nationalism and International Investment Climate
9. Economic Nationalism, Resource Nationalism and Multi-nationals
10. Economic Nationalism and Cosmopolitanism on Consumer Behavior
11. Economic Nationalism and the Corporate Social responsibility Model
12. Implication of Economic Nationalism for Multinational Corporations
13. Economic Nationalism and Consumer Behavior
14. Overcoming protectionist sentiments among consumers and government regulators
15. Role of Domestic firms in an environment of economic nationalism
16. Negative sentiments towards immigration for expatriates and global talent management
17. Foreign capital flows and economic nationalism
18. Economic Nationalism and International Trade Partnerships
19. Benefits and Inequities of Globalization
20. Implication of BREXIT for Domestic and Multinational Firms in UK
21. Implications of TTIP for Domestic and Multinationals in Firms
22. Implications of TPP for Domestic and Multinationals
23. Economic Nationalism and Globalization by Country (e.g. USA, China, South Korea, Japan…).
24. Economic Nationalism and Managerial Strategies for Global Talent Acquisition
25. Economic Nationalism and Exports/Imports for Domestic Firms
26. Economic Nationalism and Multinationals
27. Economic Nationalism and Managerial Strategies for Foreign Domestic Investment
28. Economic Nationalism and Political Environment
29. Role of Government in Economic Nationalism
30. Economic Nationalism and State Owned Enterprises
31. Economic Nationalism and Private Enterprises
32. Economic Nationalism and Mergers and Acquisitions
33. Economic Nationalism and Protectionism
34. Role of Small and Medium Enterprises in Economic Nationalism
35. Role of Foreign multi-national Enterprises in Economic Nationalism
36. Economic Nationalism and Innovation
37. Economic Nationalism and Domestic Manufacturing.
Researchers and practitioners are invited to submit on or before May 31, 2018, a chapter proposal of 1,000 to 2,000 words clearly explaining the mission and concerns of his or her proposed chapter. Authors will be notified by June 15, 2018 about the status of their proposals and sent chapter guidelines. Full chapters are expected to be submitted by June 15, 2018, and all interested authors must consult the guidelines for manuscript submissions at http://www.igi-global.com/publish/contributor-resources/before-you-write/ prior to submission. All submitted chapters will be reviewed on a double-blind review basis. Contributors may also be requested to serve as reviewers for this project.
Note: There are no submission or acceptance fees for manuscripts submitted to this book publication, Managerial Strategies for Navigating Economic Nationalism. All manuscripts are accepted based on a double-blind peer review editorial process.
All proposals should be submitted through the E-Editorial DiscoveryTM online submission manager.
This book is scheduled to be published by IGI Global (formerly Idea Group Inc.), an international academic publisher of the information Science Reference (formerly Idea Group Reference), medical Information Science Reference, I business Science Reference, I and engineering Science Reference imprints. IGI Global specializes in publishing reference books, scholarly journals, and electronic databases featuring academic research on a variety of innovative topic areas including, but not limited to, education, social science, medicine and healthcare, business and management, information science and technology, engineering, public administration, library and information science, media and communication studies, and environmental science. For additional information regarding the publisher, please visit www.igi-global.com. This publication is anticipated to be released in 2019.
May 31, 2018: Proposal Submission Deadline
June 15,2018: Notification of Acceptance
June 15, 2018: Full Chapter Submission
August 5, 2018: Review Results Returned
August 30, 2019: Final Acceptance Notification
September 15, 2019: Final Chapter Submission
Editorial Advisory Board Members:
Dr. Rituparna Das, Professor of Economics, Adamas University, India
Dr. Marianne Greenfield, Argosy University, USA
Dr. Andrea Banto, Strayer University, USA
Dr. Andrew Borg, Argosy University; USA
Dr. Neeta Jayant Baporikar, Namibia University of Science and Technology, Namibia.
Dr. Marguerite Faulk, Argosy University; Clara Volintiru, Bucharest Academy of Economic Studies, Romania