Large nations

Large nations, like the United States and Russia, are less dependent on world market because they are provided with such economic fundamentals as natural resources, good agricultural land and effective manufacturing enterprises.

Self-sufficiency of such nations can be ensured by the government policies, but it is impossible for more dependent nations. Although large and rich nations are less self-sufficient today than they were 30 years ago, they are still able to rely mainly on their domestic resources and production for national prosperity.

The USA is an example of a country with a free market economy and strong economic fundamentals. American government does not participate directly in foreign trade. As the United States has always been more interested in the development of domestic market American government often uses protective tariffs to support domestic producers. More than 90 percent of the national total trade has been done on the country’s territory. Thus, the USA was able to maintain its economic security through a policy of protection that has restrained trade with other nations in favour of a domestic market where industry and agriculture have been free to develop and expand to meet domestic demand.

At present a variety of policies are being followed by different countries in the world economy. However, all these policies are being used in order to provide a certain degree of economic security for a nation. The economic security of any nation is based on economic nationalism recognized as the only practical economic way of life in the modern world. But, on the other hand, policies of restrains in trade may prevent the growth of world economic well-being.