In this survey of international economic thought, Michael Hudson rewrites the history of trade, development and debt theorizing. He shows that mainstream free-trade surveys are censorial in excluding the protectionist logic that has guided the trade policy of Europe and the United States, especially by leaving out discussion of the transfer problem and payment of international debts. He points out that most economists throughout history have focused as much on war financing as on trade and development. Free-trade ideology and IMF-style financial austerity under today’s rules, rather than benefiting all parties and maximizing welfare, leave “client” nations severely indebted. By excluding dynamics that used to be central to trade theory such as emigration and technology transfer, today’s global production and financial policies tend to concentrate economic and political power in the hands of dominant nations. Prof. Michael Hudson (Economics Department, University of Missouri, Kansas City) is a frequent contributor to The Financial Times, Counterpunch, and Global Research.
Product Features
- ISBN13: 9783980846691
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Karl Marx is to blame for our economic problems (From […])Those who regularly read my writings (both of you) will think this a very strange stance for me to take. Yet it is entirely true: the current woeful state of the world economy can be traced back to Karl Marx. This is because the predominance of neoclassical economics in the academy – and, from there, its dominance in public policy circles in the world’s rich countries – originated as a reaction to Marx. Marx stained classical economics by powerfully arguing that capitalism…
Empire by Another Name The world economy relies on trade. To a large extent, production and consumption in the various countries are dictated to by the terms of international trade. Today, the oceans are dotted with supertankers filled with consumable commodities and capital goods. And as Michael Hudson tells it, the history of economic thought has been a reaction to the effects of international trade upon domestic economies. When trade advantages one party over another, hard currency tends to flow from the…
0