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A Macroeconomic Analysis of the Role of Trans-national Corporations in a Monetary Theory of Production

In: Proceedings of the Conference on Globalization and Its Discontents

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  • Marc Pilkington

    (University of Nice Sophia Antipolis)

Abstract

This paper aims to put forward an original conceptual framework and a renewed perspective on monetary analysis applied to trans-national corporations based on some of the views of Bernard Schmitt developed over the last forty years. After reviewing the terminological principles of the theory of money emissions, we show that Bernard Schmitt’s theoretical insights have enabled the successful integration of money and output at the conceptual level along the lines of a Keynesian monetary theory of production. We then examine the issue of the definition of the trans-national corporation and its exponential rise in the world economy with regard to the globalisation process. Finally, the inclusion of trans-national corporations in the theory of money emissions allows us to redefine transnational production as an additional conceptual level in monetary macroeconomics, with far-reaching implications as far as the monetisation of trans-national production and the subsequent reform of international payments are concerned.

Suggested Citation

  • Marc Pilkington, 2007. "A Macroeconomic Analysis of the Role of Trans-national Corporations in a Monetary Theory of Production," Papers of the Annual IUE-SUNY Cortland Conference in Economics, in: Oguz Esen & Ayla Ogus (ed.), Proceedings of the Conference on Globalization and Its Discontents, pages 148-173, Izmir University of Economics.
    • Handle: RePEc:izm:prcdng:200710
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    File URL: http://eco.ieu.edu.tr/wp-content/proceedings/2007/0710.pdf
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    References listed on IDEAS

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    1. Davidson, Paul, 1997. "Are Grains of Sand in the Wheels of International Finance Sufficient to Do the Job When Boulders Are Often Required?," Economic Journal, Royal Economic Society, vol. 107(442), pages 671-686, May.
    2. Paul Davidson, 1992. "International Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-37809-4, March.
    3. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16.
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