A Reappraisal of Classical Economic Nationalism and Economic Liberalism

Abstract

The mischaracterization of the works of the early Economic Nationalists and early Economic Liberals has obscured both the variety within each school and the connections between them. Many scholars have written about misinterpretations of Adam Smith's ideas, but few have corrected similar misinterpretations of the ideas of the leading Economic Nationalists, Alexander Hamilton and Friedrich List. List and Hamilton have been falsely portrayed as mercantilistic advocates of autarky and unlimited protectionism. A comparison of their works with those of the leading early Liberals: Adam Smith, David Ricardo, and John Stuart Mill, indicates a more complex pattern. Hamilton's and List's ideas, rather than being the antithesis of Liberalism, are a synthesis of it and mercantilism. This reappraisal indicates that some of the more controversial aspects of Economic Nationalism, such as its promotion of autarky, are not an essential part of this school of thought.

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