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The Return of Economic Nationalism in Germany

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  • Jeromin Zettelmeyer

    (Peterson Institute for International Economics)

Abstract

Germany’s new National Industrial Strategy 2030, unveiled by Economy Minister Peter Altmaier in February 2019, advocates an aggressive industrial policy. Although it stays clear of the virulent economic nationalism of the 1930s and the protectionism of President Donald Trump, its tone and much of its content are unmistakably nationalist. Zettelmeyer concludes that three of Altmaier’s five proposals—attempting to further raise the German share of manufacturing, restricting non-EU imports of intermediate goods, and promoting national champions in Germany and the European Union—are bad policies. The two remaining ideas—preventing some foreign takeovers and ramping up state support for certain technologies—are somewhat easier to justify, based on either market failures or the risk of technological dependence on foreign companies susceptible to political interference. But even in these areas, the specific policies proposed may well do more harm than good.

Suggested Citation

  • Jeromin Zettelmeyer, 2019. "The Return of Economic Nationalism in Germany," Policy Briefs PB19-4, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb19-4
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    File URL: https://www.piie.com/publications/policy-briefs/return-economic-nationalism-germany
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    Citations

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    Cited by:

    1. Sjöholm, Fredrik, 2023. "The Return of Borders in the World Economy: An EU-Perspective," Working Paper Series 1469, Research Institute of Industrial Economics.
    2. Madi Sarsenbayev & Nicolas Véron, 2020. "European versus American Perspectives on the Belt and Road Initiative," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 28(2), pages 84-112, March.
    3. Sean Kenji Starrs & Julian Germann, 2021. "Responding to the China Challenge in Techno‐nationalism: Divergence between Germany and the United States," Development and Change, International Institute of Social Studies, vol. 52(5), pages 1122-1146, September.
    4. Clemens Fuest & Achim Wambach & Massimo Motta & Martin Peitz & Klaus-Heiner Röhl & Christian Rusche & Sebastian Dullien & Guntram B. Wolff & Dieter Kempf & Andreas Mundt, 2019. "Zäsur in der europäischen Wettbewerbs- und Industriepolitik: Freie Fahrt für europäische Champions?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(08), pages 03-26, April.
    5. Alvaro Cuervo-Cazurra & C. Annique Un, 2023. "Beauty in the Eyes of the Beholders: How Government- and Consumer-Based Country-of-Origin Advantages and Disadvantages Drive Host Country Investment Dynamics," Management International Review, Springer, vol. 63(2), pages 285-312, April.
    6. Dahlström, Petter & Lööf, Hans & Sjöholm, Fredrik & Stephan, Andreas, 2023. "The EU’s Competitive Advantage in the 'Clean-Energy Arms Race'," Working Paper Series 1483, Research Institute of Industrial Economics.
    7. Budzinski, Oliver & Stöhr, Annika, 2020. "Ministererlaubnis für Kartellfälle: Kooperation im Sinne des Gemeinwohls?," Ilmenau Economics Discussion Papers 143, Ilmenau University of Technology, Institute of Economics.
    8. Budzinski, Oliver & Stöhr, Annika, 2019. "Public interest considerations in European merger control regimes," Ilmenau Economics Discussion Papers 130, Ilmenau University of Technology, Institute of Economics.
    9. Anabel González & Nicolas Véron, 2019. "EU trade policy amid the China-US clash- caught in the crossfire?," Working Papers 32427, Bruegel.
    10. Sjöholm, Fredrik, 2023. "Navigating the New Normal: The European Union's Changing Stance on Globalization in the Era of Trade Conflicts," Working Paper Series 1466, Research Institute of Industrial Economics.

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