Time for Another Kind of Globalization: Challenges for Theory and Proposals

There is an urgent need for a different kind of globalization. Heterodoxy is being called into question by profound changes affecting MNEs, money and technology. We need to argue for progress in the heterodox common core—against “market fanaticism” (denounced by Stiglitz) and nationalism—and take seriously “new” and “past” challenges arising out of today’s reality (4 revolutions: the informational, monetary, ecological and “anthroponomical” revolutions, and yet economies are still dominated by capital, markets, and supply and demand). Multinational enterprises (MNEs) are calling into question traditional analyses (national comparative advantage, national benefits of trade). We propose an integrated theory of MNEs. We need to go beyond the “common core” of the past (Marx, Keynes, Polanyi and Schumpeter) without regressing. Excess of capital and the capital/output ratio are fundamental to the heterodox tradition, together with the domination of the profit rate. It is crucial to understand how they are evolving. Human capabilities (Sen) are becoming crucial, as is the development of natural resources. The historical domination of capital must be fought, with the aim not only of limiting profitability but also of establishing another mode of regulation (P. Boccara), through a new kind of democracy and new efficiency criteria for money and management, “overcoming” the four markets of capitalism. I formulate proposals concerning the US dollar, MNEs, trade, international treaties, and international and monetary institutions for the development of common goods in order to build a way out of the systemic crisis.