Abstract
ABSTRACT. Alfred Marshall has been seen as an economic liberal and one of the founders of the neo‐classical school. However, this article challenges such conventional wisdom and argues that Marshall is best understood as an economic nationalist. Economic nationalism has been falsely associated with mercantilism, the zero‐sum view of international economies, and so on. However, a new approach for studying economic nationalism has recently been proposed to redefine its conception. The present article shows that Marshall's economic thought is compatible with this new conception of economic nationalism. Marshall emphasised the role of nationality in the economic process. The characteristics of his economic thought, such as the evolutionary view of economy, conform more closely to Friedrich List's economic nationalism than to economic liberalism. By portraying Marshall's theory as that of economic nationalism, the author concludes that economic nationalism can have a systematic theory.
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