Foundations of International Economics: Post-Keynesian PerspectivesJohan Deprez, John T. Harvey This unique collection presents a Post-Keynesian perspective on international economics and trade. All the major areas in international economics are covered, with the Post-Keynesian approach giving a welcome fresh perspective. The book is divided into five main sections: * foreign trade * open economy * international payments systems * exchange rate determination * development. Unavailable elsewhere, the readings present original, state-of-the-art research by leading Post-Keynesian scholars. Contributors include: Philip Arestis, Robert Blecker, Paul Davidson, Sheila Dow, Bruce Elmslie, Ilene Grabel John McCombie Eleni Paliginis, A.P. Thirlwall L. Randall Wray Johan Deprez, John T. Harvey, |
Contents
Introduction | 1 |
Balance of payments issues | 7 |
Global employment and open economy macroeconomics | 9 |
Growth in an international context A Post Keynesian view | 35 |
Open economy macroeconomics | 91 |
Aggregate supply and demand in an open economy framework | 93 |
5 Kaleckian macro models for open economies | 116 |
International money and exchange rates | 151 |
The development and reform of the modern international monetary system | 171 |
Exchange rates Volatility and misalignment in the postBretton Woods era | 200 |
Real and portfolio capital flows and the role of technology | 213 |
Globalisation of production and industrialisation in the periphery The case of the EU and NAFTA | 215 |
Emerging stock markets and Third World development The Post Keynesian case for pessimism | 229 |
A primer on technology gap theory and empirics | 248 |
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Common terms and phrases
absolute advantage adjustment aggregate supply Arestis argued assets assumed balance of payments balance-of-payments equilibrium growth bancor capital flows cent central bank changes closed economy commodity commodity money costs crisis Davidson debt demand function depreciation determined devaluation developing countries dynamic economists Edward Elgar effect elasticity of demand equation equilibrium growth rate expenditures exports financial markets firms fixed exchange rate flexible exchange rates Fordism foreign currency foreign exchange foreign exchange market foreign trade multiplier gap theory global imports income elasticity increase industry inflation interest rates international competition international financial international money international trade investors Journal of Economic Kalecki Keynes labor liabilities liquidity preference macroeconomic mark-up Mexican Mexico national income neoclassical OECD open economy output peripheral problems production profit rate of growth relative prices reserves role sector speculative surplus technology gap theory Tobin tax trade balance trade flows unit of account variable wages