Development and Implementation of Adaptive Trade Policy in the Era of Digital Globalization Based on Virtual Exchange of Intellectual Knowledge

Abstract

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. A country's economic openness affects its economic nationalism.