As a start, if everybody particularly in these foreign deficit running countries just changed 1% of their shopping extra to buying their own nation’s product, then the result to their own pocket would be substantial. Less foreign deficit by a small amount can be enough to change the flow completely where it is running low, and hugely beneficial otherwise. This act of buying is amplified hugely, to the government, and the nation, and yourself ultimately, and quite effectively. As a basic rule, this is great.
At some point you run into a decision, when the choices are few. Do I buy from my own nations company, or a foreign, friendly company that supports our country maybe better. Maybe I buy British from a company that is listed on the stock exchange, and is based almost entirely abroad, where one or 2 directors may get too much money, that isn’t invested back into the nation, but just amassed, or spent abroad too, and all manufacture, and tax is paid abroad, ie the worst case scenario, or do I buy foreign, maybe a friendly country, that supports staff here or maybe pays tax here? Surely the 2nd alternative is better? You think about who spends more of their pay as opposed to saving, which is not necessarily good for a nation, especially where this saving accumulates over generations, here it is bad for government, and currency value, or is it? Where a country has sum total of double the currency in existence but at the same value, well, this provides a buffer, or rather a dependency on a currency being self stabilising over nasty events, even when hit hard, it will recover, okay harder to manipulate but not as hard as it should be, which is good for government. It has many advantages too, and in fact, the actual quantity of money unused to used, and its value, is important. We don’t want it to grow too much, sometimes quite the opposite, but it all depends upon others, and global normals and conditions and national currency and exchange needs and goals, depending on type of economy. Often, what we do has its context in that of others, but I digress.
Ultimately, there is a circular problem with exchange rates and cost of goods, as export and import and made and purchased domestically and not. Over the long-term, supporting self is self limiting, if still correct, as cost of goods and exchange rates change in favour of foreign, the harder you try, and this leads to further thinking, and a final position, which governments must adapt, a policy that is the only real policy to ensure a nation’s future, the best economic policy a national government could ever have, and must always adhere to, and it has nothing to do with how we started at all.
It is a policy that isn’t circular and self limiting in the way so many economic policies are when thought out.