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Taking Back Globalization

Author

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  • Marie Christine Duggan

    (Keene State College, Keene, NH, USA)

Abstract

Many Americans believe free trade destroyed the U.S. industrial base, and blame foreign workers for taking their jobs. During World War II, Keynes had similar misgivings about the effect of postwar free trade on Britain’s economy. Yet for Keynes, economic forces are never inevitable, and capital rather than labor was the cause of trouble. His 1941 proposal for an International Clearing Union suggested capital controls, forced creditor adjustment, and an international fiat reserve as remedies for deindustrialization. This framework channeled financing toward production rather than speculation, leading to a rising standard of living for workers. A counterfactual with balance of payments data for the United States and China since 1982 suggests his ICU would have prevented U.S. deindustrialization, while yet permitting export-led growth in China.

Suggested Citation

  • Marie Christine Duggan, 2013. "Taking Back Globalization," Review of Radical Political Economics, Union for Radical Political Economics, vol. 45(4), pages 508-516, December.
    • Handle: RePEc:sae:reorpe:v:45:y:2013:i:4:p:508-516
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    More about this item

    Keywords

    Keynes; Bretton Woods; capital controls; deindustrialization;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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