This article examines historical positions regarding the question of the small nation-(state) of Albania remaining “in” the larger Ottoman supranational entity and “out” as independent nation-state during the late 19th and early 20th century. It does so mainly, but not only, through the language of political economy (wealth creation and redistribution) as articulated in the thoughts and deeds of three founding intellectual and political figures of the Albanian nation-(state): Ismail Qemali, Fan Noli, and Luigj Gurakuqi. While lacking a clear political-economic perspective for this emerging nation in the late Ottoman period, all the three figures maintained that as an independent, small nation-state, Albania could survive and perhaps thrive if its wealth and national economic development remained anchored within a larger political and economic space. More than Qemali, Gurakuqi, and Noli envisaged a greater state role in the country’s “national economy-building” process. But while Gurakuqi was more of a “nationalist” on wealth creation, Noli sought to pursue a more “radical,” redistributive path to national development.

This article explores the dilemma of the small Bohemian Lands/Czechoslovak nation (-state) in staying “in” or “out” of the larger Habsburg supranational entity in the late nineteenth and the early twentieth century. It does so mainly through the language of political economy (on national wealth creation and redistribution) articulated in the opinions and political actions of Czechoslovakia's two founding statesmen, the first president, Thomas G. Masaryk, and the first prime minister, Karel Kramař. The article argues that their choice of staying “in” the large imperial space was premised upon renegotiating a better political and political–economic deal for the Bohemian Lands, whereas the option of abandoning it and of forging the Czechoslovak nation-state was essentially based on political reasons. And while both advocated an interventionist role for the state in the economy during the imperial period, they considered such a prerogative even more essential for their new nation-state.