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One of the effects of nationalism on the economy is that it can lead to the development of a self-sufficient economy through industrialization. When a country focuses on nationalism, it often aims to strengthen its own industries and reduce dependence on imports from other countries. By promoting domestic production and industrial growth, nationalism can help create a self-sustaining economy that relies less on external sources for goods and services.
Another effect of nationalism on the economy is the increase of globalization. While nationalism can promote a sense of pride and loyalty to one's own country, it can also lead to protectionist policies that restrict international trade and cooperation. This can hinder globalization, which involves the integration of economies and cultures on a global scale.
It's important to consider these effects when analyzing the impact of nationalism on the economy, as they can vary depending on the specific context and policies implemented by a country.
