NationMaster - Encyclopedia: National champion

Economic nationalism (also called "national system of political economy") is a term used to describe policies which are guided by the idea of protecting domestic consumption, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labour, goods and capital. It is in opposition to globalization in many cases, or at least it questions the perceived benefits of unrestricted free trade. Economic nationalism may include such doctrines as protectionism and import substitution. Image File history File links Please see the file description page for further information. ... The economic patriotism is a behaviour of the consummers, companies (both private and public) which consist in favorizing the goods or services produced in their country or in their group of countries. ... A tariff is a tax on imported goods. ... Globalization is an umbrella term for a complex series of economic, social, technological, cultural and political changes seen as increasing interdependence, integration and interaction between people and companies in disparate locations. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... Import substitution industrialization (also called ISI) is a trade and economic policy based on the premise that a developing country should attempt to substitute products which it imports, mostly finished goods, with locally produced substitutes. ...

Examples of economic nationalism include American System (economic system), Japan's use of MITI to "pick winners and losers", Malaysia's imposition of currency controls in the wake of the 1997 currency crisis, China's controlled exchange of the yuan, Argentina's economic policy of tariffs and devaluation in the wake of the 2001 financial crisis and the United States' use of tariffs to protect domestic steel production. The American System (also known as the National System[1]) is the economic philosophy that dominated United States national policies from the time of the American Civil War until the mid-twentieth century as the countrys policies evolved in a free market direction. ... The Ministry of International Trade and Industry (通商産業省 Tsūsho-sangyō-shō or MITI) was the single most powerful agency in the Japanese government during the 1950s and 1960s. ... The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ... 100 Renminbi Yuan issued in 1999 The renminbi (Simplified Chinese: äººæ°‘å¸; Traditional Chinese: äººæ°‘å¹£; Pinyin: rÃ©nmÃnbÃ¬; literally peoples currency) or the yuan (Chinese: å…ƒ or åœ†; Hanyu Pinyin: yuÃ¡n) is the official currency in the mainland of the Peoples Republic of China (PRC). ... A tariff is a tax placed on imported and/or exported goods, sometimes called a customs duty. ... Devaluation is a reduction in the value of a currency. ... 2001: A Space Odyssey. ...

Mergers and Acquisitions

The term gained a more specific meaning in 2005 and 2006 after several governments intervened to prevent takeovers of domestic firms by foreign companies. In some cases, the national governments also endorsed counter-bids from compatriot companies to create 'national champions'. Such cases include: 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... 2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... A takeover in business refers to one company (the acquirer) purchasing another (the target). ...

Arcelor S.A. (Euronext: LOR) is the worlds largest steel producer in terms of turnover and the second largest in terms of steel output, with a turnover of 30. ... // Mittal Steel Company N.V. (Euronext: MT, NYSE: MT) is the worlds largest steel producer. ... Antonveneta is the 9th largest banking group in Italy in terms of customer loans and the 8th largest in terms of total assets, with 1,000 branches, 10,800 employees and â‚¬50bn in assets. ... ABN AMRO (Euronext: AAB, (NYSE: ABN)) is the largest bank in the Netherlands and has operations all over the world, its history going back to 1824. ... Groupe Danone SA is an international food products company with its central headquarters in France, specializing in dairy products, especially famous for its yoghurt. ... PepsiCo, Inc. ... Endesa, S.A. (NYSE: ELE) is the largest electric utility company in Spain. ... E.ON AG (NYSE: EON)(LSE: EON) is a German energy company, one of the 30 members of the DAX index of major German companies. ... SUEZ (Euronext: SZE, NYSE: SZE) is a leading French-based multinational corporation, with operations primarily in water, electricity and natural gas supply, and waste management. ... Enel is an Italian energy provider and the third largest energy provider in the world. ... Gaz de France is a French company which specializes in the transportatino and distribution of natural gas. ... Seal of the Congress. ... Unocal Corporation is the parent company of Union Oil Company of California (Union Oil) which was incorporated in California in 1890. ... China National Offshore Oil Corporation (CNOOC) HKEx: 0883 (ä¸å›½æµ·æ´‹çŸ³æ²¹æ€»å…¬å¸) is the third-largest National Oil Company(NOC) in the Peoples Republic of China next to CNPC, Sinopec. ... Chevron Corporation (NYSE: CVX) is one of the worlds largest global energy companies. ... The DP World controversy began in February 2006 and rose to prominence as a national security debate in the United States. ... DP World is a company owned by the government of Dubai in the United Arab Emirates. ...

Economic patriotism

Economic patriotism is the coordinated and promoted behaviour of consumers or companies (both private and public) that consists of favoring the goods or services produced in their country or in their group of countries. It can be thought as a nationalist form of business intelligence. This approach may be either approach stimulating (promoting the economy of the country) or recessing from local vulnerabilities in the open market (protectionism). A recent aspect is the development of financial protectionism, the hostility against acquisitions by foreign groups by companies considered of "strategic" value for the economy of the country. Business intelligence (BI) is a broad category of applications and technologies for gathering, providing access to, and analyzing data for the purpose of helping enterprise users make better business decisions. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over...

Objectives

The objective is to support economic activity and promote social cohesion. The supporters of economic patriotism describe it as a kind of self-defence of local economic interests (national or European in case of the countries of the European Union). Some methods of economic patriotism seek to block foreign competition or acquisitions of domestic companies. An often cited example is France, where economic patriotism was the main rationale used in the Pepsico-Danone, Mittal-Arcelor, and GDF-Suez affairs. Social Cohesion is a state in society where the vast majority of citizens respect the law and one anothers human rights. ... In terms of a co-operative this means how much the services of the co-op are used. ... Competition is the act of striving against another force for the purpose of achieving dominance or attaining a reward or goal, or out of a biological imperative such as survival. ...

In the United States, an example of economic patriotism would be the numerous bumper stickers: "Be American, Buy American".

Criticisms

Consumer preference for local goods give local producers more market power and allows local producers to lift prices to extract greater profits. This occurs because firms that produce locally-produced goods can charge a premium for that good. Consumers who favor products by local producers may end up being exploited by profit-maximizing local producers. For example, protectionist policy in America that placed tariffs on foreign cars gaves local producers Ford and GM market power that allowed them to raise prices of cars, which negatively affected American consumers who faced fewer choices and higher prices[1]. Protectionism is the economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. ...

Because locally-produced goods can attract a premium if consumers show a preference towards it, a firm has an incentive to pass foreign goods off as local goods if foreign goods have cheaper costs of production than local goods. They are able to do this because the line between foreign-made and locally-made is blurry. This brings up the issue of the definition of local goods. For example, while a particular car may be assembled in America its engine may be made in another country, say, China. Furthermore, while the engine may be made in China, the engine's components may be made in several other countries, e.g. the pistons may come from Germany and the spark plugs may come from Mexico. The components that make up the spark plugs and pistons may come from different countries and so on.

Contents

Mergers and Acquisitions

Economic patriotism

Objectives

Criticisms

See also

External links

Contents

Mergers and Acquisitions

Economic patriotism GA_googleFillSlot("encyclopedia_square");

Objectives

Criticisms

See also

External links

Economic patriotism