Economic Theory And Globalization PDF
Preview Economic Theory And Globalization
Edited by Thomas Hoerber · Alain Anquetil Economic Theory and Globalization Economic Theory and Globalization Thomas Hoerber · Alain Anquetil Editors Economic Theory and Globalization Editors Thomas Hoerber Alain Anquetil Ecole Supérieure des Sciences Commerciales Ecole Supérieure des Sciences Commerciales d’Angers (ESSCA) d’Angers (ESSCA) Angers, France Boulogne-Billancourt, France ISBN 978-3-030-23823-0 ISBN 978-3-030-23824-7 (eBook) https://doi.org/10.1007/978-3-030-23824-7 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Foreword The financial crisis of 2008 has triggered a searching debate over the nature of globalization—the relationship between gainers and losers, between national sovereignty and internationalism. Branco Milanovic’s “elephant curve” has shown that two groups in society have gained— the emerging middle class in China and Asia (at the top of the ele- phant’s body) and the plutocracy in the west (at the top of the uplifted trunk), with losers in the lower middle and working class in the devel- oped countries (at the dip of the trunk). Although the losers in the west remain better off than their counterparts in the emerging mar- kets, their experience of relative decline or stagnation has provoked a populist backlash. At the same time, neoliberalism promoted finan- cial globalization and wilfully imposed austerity alongside bailing out the financial elite whose actions caused the crisis. It is a form of hyper- globalization that departed from the embedded liberalism of the post-war order. Then, Keynes and many economists who emerged from the eco- nomic section of the League of Nations rejected both the dominance of national policy by adherence to the gold standard that led to defla- tion and hardship for workers, and the economic nationalism of the v vi Foreword 1930s that led to trade and currency wars. They wanted a form of “thin” multilateralism embedded in international organizations that allowed a balance between internationalism and domestic welfare by controlling international capital flows, and subordinating finance to production. Now, the impact of the global financial crisis and the populist turn of the losers of hyper-globalization, are leading to renewed interest in those earlier economists. A number of recent books have looked back to earlier writers as a counter to neoliberalism—whether it be the “Chicago plan” of Irving Fisher that proposed 100% backing of bank deposits by central bank money to remove the power of commercial bankers to create money, or Keynes’s argument in favour of capital controls, or demands to control rent-seeking firms and natural monopolies that so worried John Stuart Mill. And surely Burke’s point that “society is but a contract between the dead, the living and those yet to be born” has resonance at a time of protests about climate change. Economists grapple with the discount rate to be applied to our current use of the environment, and whether future generations can be allowed to bear the costs or whether that will lead to extinction. The history of economic thought provides access to a wider reper- toire of ideas that were of their time but also tools for thinking about the present. The recent study of the Nobel Prize in economics by Avner Offer and Gabriel Soderberg has shown how its award validated a par- ticular approach and contributed to undermining a different, social democratic view of the subject. By providing a wider vision of econom- ics, this collection of essays provides students with a much-needed sense of perspective. Economic thinking on globalization has undergone massive changes in the past, from the zero-sum mercantilism of the seventeenth and eighteenth century rejected by Adam Smith to the open markets of Richard Cobden, and back to trade warfare of economic blocs. Keynes himself moved from one position to the other, campaigning for free trade before the First World War but advocating insular capitalism to protect domestic welfare in the 1930s, before returning to a balanced form of globalization during the debates of the Second World War. Foreword vii These issues are once again to the fore, and an awareness of the rich debates of the past will only help us to grapple with the present and future. This book answers these questions in a lively and informed way. Cambridge, UK Martin Daunton Contents Introduction 1 Thomas Hoerber and Alain Anquetil The Social Liberalism of John Stuart Mill 19 Alain Anquetil Karl Marx’s Communism and Critique of Capital 41 Paul Prew Edmund Burke’s Liberalism 73 Thomas Hoerber The Free Liberalism of Adam Smith 101 Alain Anquetil Economic Cycles by Josef Schumpeter 125 Assen Slim ix x Contents The Bancor and International Trade Possibilities of John Maynard Keynes 143 David Rees The Roots of Neoliberalism in Friedrich von Hayek 169 Thomas Hoerber Elinor Ostrom or the Revolution of the Commons 195 Fanny Verrax The Ecological Economy of Georgescu-Roegen 221 Gabriel Weber and Ignazio Cabras Conclusion 239 Alain Anquetil and Thomas Hoerber Index 259 Notes on Contributors Prof. Alain Anquetil is Professor of Moral Philosophy and Business Ethics at ESSCA School of Management. Since 2011, he has been writ- ing a research blog on moral philosophy. His last related publication was Textes Clés de l’Ethique des Affaires, Librairie Philosophique Vrin, Paris, 2011. Prof. Ignazio Cabras is Professor of Entrepreneurship and Regional Economic Development at Newcastle Business School, Northumbria University (United Kingdom). He is also a member of EU*Asia Institute at ESSCA, School of Management, Angers. Ignazio has published exten- sively on themes such as “Social Capital”, “Community Cohesion” and “Third Places” in various journals including Environmental and Planning (A and C), Regional Studies, Ecological Economics and Business History. Prof. Thomas Hoerber is Professor for European Studies, Director of the EU*Asia Institute and Head of the Department of International Affairs at ESSCA School of Management. His last related publication was Hayek Vs. Keynes—A Battle of Ideas, Reaktion Books, London, 2017. xi
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