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Tag Archives: Globalisation

Ingrid Harvold Kvangraven On The Dependency Research Program

Ingrid Harvold Kvangraven has a new paper Beyond The Stereotype: Restating The Relevance Of The Dependency Research Programme in the journal Development And Change in which argues for the high importance of “dependency theory” which she wants to call a research programme.There’s a good Twitter thread by her summarising the paper.The central idea of the theoretical framework is that:core countries benefit from the global system at the expense of periphery countries, which face structural...

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The Democratic Party As The Party Of Winners Of Globalisation

Thomas Piketty gets dismissed a lot: from the right-wing since they either think there’s much inequality or that it’s unimportant. From the left, he gets ridiculed for not being a Marxist or even Post-Keynesian/Keynesian enough. Whatever the criticisms, there are some things which he says which are useful and highly important in the current political climate. My view is that he is a bit late to it but some of his analysis adds more light.Snapshot from a promotional video for Seuil.In his...

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Thomas Piketty On The Winners Of Globalisation

Thomas Piketty gets dismissed a lot: from the right-wing since they either think there’s much inequality or that it’s unimportant. From the left, he gets ridiculed for not being a Marxist or even Post-Keynesian/Keynesian enough. Whatever the criticisms, there are some things which he says which are useful and highly important in the current political climate. My view is that he is a bit late to it but some of his analysis adds more light.Snapshot from a promotional video for Seuil.In his...

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Planned Trade

The latest edition of The Economist has this cover, worrying about the rise in the idea of national self-sufficiency.Obviously, The Economist whose purpose is to promote the propaganda of free trade doesn’t like this as any country achieving self-sufficiency would mean a reduction of market share of large corporations whose interests the magazine has spoken since 1843, the year it was founded.John Maynard Keynes wondered about national-self sufficiency too. In an article titled National...

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Dani Rodrik On Globalisation After COVID-19

Dani Rodrik On Globalisation After COVID-19Suppose a poor isolated country opens to business to the rest of the world. There is high risk that producers in that country file for bankruptcy because of competition from foreign producers. Hence the poor country might look at various ways of integrating, such as protection of its industries.In Post-Keynesian theory, success and failures of nations are strongly the result of performance of corporations in world markets. Winners keep winning and...

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Asymmetric Protectionism

Imperialism and free-trade is the most important reason for why some countries are rich and others poor. Because of the principle of circular and cumulative causation, they rarely catch up. Poor countries aren’t “underdeveloped”—it’s a misleading word—they’re exploited. Hence there’s a need for global rules to allow for convergence of fortunes of nations. The current rules of globalisation lead to polarisation and welfare of a few, not the many.I recently recommended Ha-Joon Chang’s lecture...

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UK Elections 2019 And Brexit

The nicest prison in the whole world fought an election to become the Prime Minister of the UK ?? and lost. Jeremy Corbyn isn’t just a nice person but the politician with the best politics, not just in the current times, but maybe ever. And he ran the most compassionate campaign and appealed to a lot of voters.Jeremy Corbyn with El GatoIt looks like Brexit was a huge factor in the election. In many constituencies Labour has always won since almost 100 years and has now suffered losses. So...

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Michael Hardt And Antonio Negri — Empire, Twenty Years On

Michael Hardt And Antonio Negri — Empire, Twenty Years OnThe latest issue of New Left Review is out. Has an interesting article by Michael Hardt and Antonio Negri on how globalisation isn’t dying but just shifting to a path where global powers want to change it to their advantage. Again!Twenty years ago, when our book Empire first appeared, the economic and cultural processes of globalization occupied centre stage: all could see that some kind of new world order was emerging. Today...

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On The Fall Of The Liberal International Economic Order, Part II

In the last post, I linked to John J. Mearsheimer’s paper Bound To Fail: The Rise And Fall Of The Liberal International Order. The paper was more from a political perspective than from a perspective of political economy, although it did go into the economics of it.There’s a Post-Keynesian paper by Thomas Palley published last year, I thought I should recommend reading, since it goes into the political economy aspect of it. Also it is rooted more in the heterodox Keynesian perspective, unlike...

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Paul Krugman’s Mea Culpa On Globalisation

Last year, Paul Krugman had an article on globalisation and how he got it wrong. Of course, typically, the ones doing mea culpa rarely admit it that they were totally wrong and spin it the way which is most opportunistic. I had a post on it.Recently Bloomberg published an excerpt from it.Noam Chomsky wrote a book Profit Over People in 1999 with an Introduction by Robert McChesney who had a fanstastic description of globalisation:And nowhere is the centrality of governments and policymaking...

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