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Keynes and Globalization

In: Keynes for the Twenty-First Century

Author

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  • James K. Galbraith

Abstract

The traditional way to adapt the basic closed-economy Keynesian model to an open world has been to introduce the elements of external account: exports, imports, capital flow, exchange rate. Sandy Darity and I give a treatment in our textbook; it is in no way original. We also develop a series of North-South models incorporating asymmetries such as the hard-currency-soft-currency dichotomy emphasized by Pan Yotopoulos. In a paper in the International Review of Applied Economics long ago, I interpreted Keynesian demand fluctuations and a model of vintage capital in a transnational, North-South framework, to show the structural evolution of an advanced economy like the United States toward technological bipolarity and an unstable reliance on investment booms in technology sectors. This paper nicely anticipated the speculative and tech-driven boom and bust of 1997–2002.

Suggested Citation

  • James K. Galbraith, 2008. "Keynes and Globalization," Palgrave Macmillan Books, in: Mathew Forstater & L. Randall Wray (ed.), Keynes for the Twenty-First Century, chapter 0, pages 207-212, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61113-9_13
    DOI: 10.1057/9780230611139_13
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