dunnettreader + trade-theory   17

Kevin O'Rourke - The Davos Lie (April 2016) - Critical Quarterly - Wiley Online Library
Economists can tut-tut all they want about working-class people refusing to buy into the benefits of globalisation, but as social scientists we surely need to think about the predictable political consequences of economic policies. Too much globalisation, without domestic safety nets and other policies that can adequately protect globalisation's losers, will inevitably invite a political backlash. Indeed, it is already upon us. - downloaded to Tab S2
article  downloaded  international_political_economy  globalization  trade-theory  trade-policy  trade-compensation  inequality  outsourcing  working_class  development  development-impact  populism  political_economy  political_order  stability 
august 2016 by dunnettreader
Rajiv Sethi: Innovation, Scaling, and the Industrial Commons - July 2010
When Yves Smith makes a strong reading recommendation, I usually take notice. Today she directed her readers to an article by Andy Grove calling for drastic changes in American policy towards innovation, scaling, and job creation in manufacturing. The piece is long, detailed and worth reading in full, but the central point is this: an economy that innovates prolifically but consistently exports its jobs to lower cost overseas locations will eventually lose not only its capacity for mass production, but eventually also its capacity for innovation: - interesting discussion in updates and comments
US_economy  US_politics  Labor_markets  unemployment  trade-policy  trade-theory  off-shoring  manufacturing  Innovation  technology  technology_transfer  industrial_policy 
march 2015 by dunnettreader
Richard Cantillon, An Essay on Economic Theory, Chantal Saucier, trans., Mark Thornton, ed. (2010) Books | Mises Institute
Mark Thornton and Chantal Saucier have accomplished the arduous task of bringing forth a new and improved translation of Cantillon’s famous work. Heretofore the only English translation of the Essai available has been the 1931 edition produced by Henry Higgs for the Royal Economic Society. Though competent, it has become less serviceable over time, as more and more of its shortcomings devolved (not the least of which is the antiquated use of “undertaker” in place of “entrepreneur”). Saucier provides a more accurate and lucid account, better suited to the 21st century. Thornton’s hand shows not only in competent guidance of the translator but in the inclusion of numerous explanatory footnotes that add historical context. Robert F. Hébert writes the foreword. -- downloaded pdf to Note
books  etexts  intellectual_history  18thC  France  Cantillon  political_economy  economic_theory  value-theories  systems_theory  business_cycles  financial_system  interest_rates  FX  capital_flows  banking  profit  risk  entrepreneurs  agriculture  demography  natural_resources  labor  capital  money  money_supply  money_market  mercantilism  trade-policy  trade-theory  downloaded 
february 2015 by dunnettreader
Tarascio, Vincent J. "Cantillon's Essai: A Current Perspective." - The Journal of Libertarian Studies (1985) | Mises Institute
Tarascio, Vincent J. "Cantillon's Essai: A Current Perspective." Journal of Libertarian Studies 7, No. 2 (1985): 249–257. -- Professor Spengler's, "Richard Cantiilon: First of the Modems," published in 1954, remains the classic survey article of Cantillon's contributions to economic thought. These contributions consist of views on population and related matters, theory of value, monetary theory, and international trade and finance. Many of his ideas became a part of the economic thought of the closing years of the eighteenth century, and, as Professor Spengler points out, unfortunately, Cantillon's name had been stripped from most if not all of his ideas. Professor Spengler, then, has done both Cantillon and the economics profession a service by restoring to Cantillon his rightful place in the history of economic thought. -- downloaded pdf to Note
article  intellectual_history  18thC  France  Cantillon  political_economy  economic_theory  economic_sociology  macroeconomics  value-theories  monetary_theory  demography  trade-theory  trade_finance  trade_deficits  FX  capital_flows  banking  financial_system  downloaded 
february 2015 by dunnettreader
Biancamaria Fontana - Rethinking the Politics of Commercial Society The Edinburgh Review 1802–1832 (hdbk 1985, pbk & ebook 2008) | Political philosophy | Cambridge University Press
This book explores the sources of modern British liberalism through a study of the Edinburgh Review, the most influential and controversial early nineteenth-century British periodical. Founded by a group of young Scottish intellectuals in 1802, the Review served as a principal channel through which the ideas of the Scottish Enlightenment gained wider currency, and did much to popularize the doctrines of economic and political reform. As Dr Fontana shows in this lucid and keen analysis, the first thirty years in the life of the Review clearly display the new social and economic problems confronting European society in the aftermath of the French Revolution. **--** Introduction *--* 1. Scottish theories of commercial society and the French Revolution *-* 2. Adam Smith's heritage: the Edinburgh reviewers and the Wealth of Nations *-* 3. The definition of political economy: political economy as a social science *-* 4. The Edinburgh reviewers and the Whig party *-* 5. Commercial society and its enemies: the debate on the First Reform Bill *-* Conclusion -- downloaded pdfs of front matter and excerpt to Note
books  kindle-available  intellectual_history  political_philosophy  political_economy  18thC  19thC  British_history  Scottish_Enlightenment  French_Revolution-impact  civil_society  commerce  commerce-doux  science_of_man  social_sciences  democracy  mass_culture  political_participation  British_politics  Edinburgh_Review  Whigs  Whigs-Radicals  Whigs-grandees  liberalism  Industrial_Revolution  industrialization  international_political_economy  British_Empire  British_foreign_policy  Napoleonic_Wars  Napoleonic_Wars-impact  social_order  reform-political  reform-social  reform-finance  reform-economic  Reform_Act_1832  Parliament  parties  trade-policy  trade-theory  trade-cultural_transmission  downloaded  EF-add 
february 2015 by dunnettreader
Sunanda Sen - International Trade Theory and Policy: A Review of the Literature - Working Paper No. 635 | Levy Economics Institute - November 2010
This paper provides a survey of the literature on trade theory, from the classical example of comparative advantage to the New Trade theories currently used by many advanced countries to direct industrial policy and trade. An account is provided of the neo-classical brand of reciprocal demand and resource endowment theories, along with their usual empirical verifications and logical critiques. A useful supplement is provided in terms of Staffan Linder’s theory of “overlapping demand,” which provides an explanation of trade structure in terms of aggregate demand. Attention is drawn to new developments in trade theory, with strategic trade providing inputs to industrial policy. Issues relating to trade, growth, and development are dealt with separately, supplemented by an account of the neo-Marxist versions of trade and underdevelopment. -- Associated Program: The State of the US and World Economies -- Related Topic(s):Comparative costs New theories of trade Overlapping demand Resource pattern and trade Strategic trade Trade and development -- downloaded pdf to Note
paper  lit_survey  economic_theory  intellectual_history  18thC  19thC  20thC  21stC  trade-theory  trade-policy  industrial_policy  economic_growth  development  comparative_advantage  demand-side  supply-side  natural_resources  commodities  industrialization  exports  import_substitution  imports  export-led  neoclassical_economics  neo-Marxist  trade-strategic  underdevelopment  inequality  labor  downloaded 
october 2014 by dunnettreader
Michael Pettis - Economic consequences of income inequality - March 2014
Back to basics and the undercinsumption model that shows why it's necessary to save capitalism from itself -- I will again quote Mariner Eccles, from his 1933 testimony to Congress, in which he was himself quoting with approval an unidentified economist, probably William Trufant Foster. In his testimony he said:

It is utterly impossible, as this country has demonstrated again and again, for the rich to save as much as they have been trying to save, and save anything that is worth saving. They can save idle factories and useless railroad coaches; they can save empty office buildings and closed banks; they can save paper evidences of foreign loans; but as a class they cannot save anything that is worth saving, above and beyond the amount that is made profitable by the increase of consumer buying.

It is for the interests of the well-to-do – to protect them from the results of their own folly – that we should take from them a sufficient amount of their surplus to enable consumers to consume and business to operate at a profit. This is not “soaking the rich”; it is saving the rich. Incidentally, it is the only way to assure them the serenity and security which they do not have at the present moment.
Great_Recession  Great_Depression  economic_history  economic_theory  savings  investment  consumer_demand  unemployment  global_economy  international_political_economy  trade-policy  trade-theory  Eurozone  China  Germany  inequality  EF-add 
march 2014 by dunnettreader
E. A. J. Johnson: Unemployment and Consumption: The Mercantilist View - JSTOR: The Quarterly Journal of Economics, Vol. 46, No. 4 (Aug., 1932), pp. 698-719
I. Mercantilists not desirous of mere numbers, 698.--Importance of employment, 700.--Remedies for idleness: provision of employment, 702; corrective and punitive legislation, 705.--II. Condemnation of luxury, 708.--Means of curbing it: sumptuary laws, 712; taxation, 713; moral suasion, 713.--Defense of luxury, 714.--Hume's views, 716.--Conclusions, 718.
article  jstor  economic_history  economic_theory  political_economy  trade-theory  trade-policy  mercantilism  commerce  luxury  unemployment  wages  taxes  economic_culture  17thC  18thC  British_history  downloaded  EF-add 
december 2013 by dunnettreader
Maria Pia Paganelli, review - Donald Rutherford: In the Shadow of Adam Smith: Founders of Scottish Economics, 1700-1900 | EH.net
Donald Rutherford, In the Shadow of Adam Smith: Founders of Scottish Economics, 1700-1900. New York: Palgrave Macmillan, 2012. vii + 344 pp. $40 (paperback), ISBN: 978-0-230-25210-3. - not on Kindle

Reviewed for EH.Net by Maria Pia Paganelli, Department of Economics, Trinity University. Smith is generally such an immense figure that we may be tempted to think of him as the only voice of eighteenth century Scotland as far as economics is concerned. Attempts to moderate Smith?s grandeur remind us that he may have just systematized previous knowledge. Rutherford offers us the context in which Smith?s presence grew and his legacy developed. He offers us insight into the wide economic knowledge that Smith used (or did not use), added to (or not), and of which he is (just a) part.

The scholarship present in the book is remarkable, even more so because the book is organized by topic, rather than by time or by authors. The topics covered are trade (international trade, exchange economy, value); money (functions of money, paper credit, banking); public finance (functions of government, taxation, national debt); condition of the people (population, property rights and rent, profits and wages, poverty); condition of the economy (economic growth, economic development); and economic ideology (natural liberty, socialism). And to this, Rutherford adds an appendix with biographical sketches of the major Scottish writers.
books  reviews  intellectual_history  economic_history  18thC  19thC  Scotland  Scottish_Enlightenment  Smith  Hutcheson  economic_theory  political_philosophy  moral_philosophy  political_economy  trade-theory  poverty  population  Poor_Laws  unemployment  EF-add 
december 2013 by dunnettreader
John Williamson, Olivier Jeanne, Arvind Subramanian: International rules for capital controls | vox June 2012
Do we need international rules for capital controls? This column looks at the different regimes in countries such as Brazil and China and argues that we do. -- economists now understand better the theoretical case for such policies with a new literature on the welfare economics of prudential capital controls ...which transposes to international capital flows the closed-economy analysis of the macroprudential policies that aim to curb the boom-bust cycle in credit and asset prices. It finds that it is optimal to impose a countercyclical Pigouvian tax on debt inflows in a boom to reduce the risk and severity of a bust. Interestingly, the optimal tax would fall primarily on the flows (short-term or foreign currency debt) that are the least likely to be conducive to economic growth. -- We see compelling reasons to establish an international regime for capital flows. First, the lack of commonly agreed rules implies that capital controls are still marked by a certain stigma ... but an international regime for capital flows should go further, and take appropriate account of spill-over effects. This is particularly the case of policies that repress domestic demand and, through a combination of reserve accumulation and restrictions on inflows, maintain a current account surplus. Those policies have the same economic effects as trade protectionism and undermine the global public good of free trade. But the point may apply also to prudential capital controls. As recently shown by Forbes et al (2012) in the case of Brazil, capital account restrictions are liable to divert capital flows from one recipient to another, and thereby give third countries a strong interest in the controls imposed by others. The implications of this argument have not yet been absorbed by the profession, but it seems possible that they will turn out to be significant for the optimal international design of capital account policies.
international_political_economy  FX  capital_flows  capital_markets  international_finance  financial_crisis  financial_regulation  emerging_markets  contagion  trade-theory  global_economy  global_governance  global_imbalance  macroprudential_policies  monetary_policy  IMF  WTO  EF-add 
september 2013 by dunnettreader
McCloskey, Deirdre (2009): Foreign Trade Was Not an Engine of Growth - Munich Personal RePEc Archive
Trade reshuffles. No wonder, then, that it doesn’t work as an engine of growth—not for explaining the scale of growth that overcame the West and then the Rest 1800 to the present. Yet many historians, such as Walt Rostow or Robert Allen or Joseph Inikori, have put foreign trade at the center of their accounts. Yet the Rest had been vigorously trading in the Indian Ocean long before the Europeans got there—indeed, that’s why the West wanted to get there. Trade certainly set the prices that British industrialists faced, such as the price of wheat or the interest rate. But new trade does not put people to work, unless they start unemployed. If they are, then any source of demand, such as the demand for domestic service, would be as important as the India trade. Foreign trade is not a net gain, but a way of producing importables at the sacrifice of exportables. The Harberger point implies that static gains from trade are small beside the 1500% of growth to be explained, or even the 100% in the first century in Britain. Trade is anyway too old and too widespread to explain a uniquely European—even British—event. One can appeal to “dynamic” effects, but these too can be shown to be small, even in the case of the gigantic British cotton textile industry. And if small causes lead to large consequences, the model is instable, and any old thing can cause it to tip. Ronald Findlay and Kevin O’Rourke favor foreign trade on the argument that power led to plenty. But domination is not the same thing as innovation. In short, the production possibility curve did not move out just a little, as could be explained by trade or investment or reshuffling. It exploded, and requires an economics of discovery, not an economics of routine exchanges of cotton textiles for tea. -- downloaded pdf to Note
paper  economic_history  economic_growth  economic_models  trade-theory  Great_Divergence  Industrial_Revolution  Innovation  technology  investment  downloaded  EF-add 
september 2013 by dunnettreader

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