Which of the following is the best describes an effect of nationalism on the economy? (
O Nationalism leads to the development of a self-sufficient economy through industrialization.
O Nationalism leads to the increase of globalization.
Nationalism leads to the creation of an open economy.
O Nationalism leads to heavy engagement in international trade agreements.

Question

Which of the following is the best describes an effect of nationalism on the economy? (
O Nationalism leads to the development of a self-sufficient economy through industrialization.
O Nationalism leads to the increase of globalization.
Nationalism leads to the creation of an open economy.
O Nationalism leads to heavy engagement in international trade agreements.

Accepted Answer

∻Answer∻ ⚹ Nationalism leads to the development of a self-sufficient economy through industrialization. ⚹ ∻Key Concept∻ ⚹ Nationalism and Economic Policy ⚹ ∻Explanation∻ ⚹ Nationalism often encourages a focus on domestic industries and the development of a self-sufficient economy. Historically, nationalist movements have been associated with protectionist policies, such as tariffs and subsidies for domestic industries, to foster industrialization and reduce dependence on foreign goods. This inward focus is aimed at strengthening the nation-state economically and politically. ⚹◊How did nationalism impact the economic development of countries in the Industrial Revolution era?⍭ Generate me a similar question◊

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