IDEAS home Printed from https://ideas.repec.org/p/uto/cesmep/201305.html
   My bibliography  Save this paper

Globalization and Keynes's Ideal of a 'Sounder Political Economy between All Nations

Author

Abstract

This paper is a contribution to the elaboration of a narrative of the international economic disorder that followed the demise of the Bretton Woods regime. It therefore revisits some key episodes of the recent history of the world economy – the Washington Consensus saga and the widening of global imbalances – and throws light on the attempt made in the Nineties to construct a neoliberal global order entirely and exclusively based upon market discipline, with consequent shrinking in policy space. The article shows that the resulting “hyper” version of globalization is, in its essence, a complete repudiation of Keynes’s international economics, and discusses the enduring relevance of his vision of international economic relations and global reform plans to the current epoch of “gated globalization”.

Suggested Citation

  • Carabelli, Anna & Cedrini, Mario, 2013. "Globalization and Keynes's Ideal of a 'Sounder Political Economy between All Nations," CESMEP Working Papers 201305, University of Turin.
    • Handle: RePEc:uto:cesmep:201305
    as

    Download full text from publisher

    File URL: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2013dip/wp_49_2013.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    2. Anna Carabelli & Mario Cedrini, 2010. "Keynes and the Complexity of International Economic Relations in the Aftermath of World War I," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(4), pages 1009-1028.
    3. Dani Rodrik, 2013. "Roepke Lecture in Economic Geography—Who Needs the Nation-State?," Economic Geography, Clark University, vol. 89(1), pages 1-19, January.
    4. Anna M. Carabelli & Mario A. Cedrini, 2010. ">i>Indian Currency>/i> and beyond: the legacy of the early economics of Keynes in the times of Bretton Woods II," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(2), pages 255-280, January.
    5. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    6. Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(2), pages 379-415, April.
    7. Hirschman,Albert O., 1981. "Essays in Trespassing," Cambridge Books, Cambridge University Press, number 9780521282437, January.
    8. John Toye, 2006. "Keynes and development economics: a sixty-year perspective," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(7), pages 983-995.
    9. José Antonio Ocampo, 2004. "Beyond the Washington consensus: what do we mean?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 293-314.
    10. Dani Rodrik, 2006. "Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank's Economic Growth in the 1990s: Learning from a Decade of Reform," Journal of Economic Literature, American Economic Association, vol. 44(4), pages 973-987, December.
    11. José Ocampo, 2007. "The Instability and Inequities of the Global Reserve System," International Journal of Political Economy, Taylor & Francis Journals, vol. 36(4), pages 71-96.
    12. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(5), pages 665-681, September.
    13. Ilene Grabel, 2011. "Not your grandfather's IMF: global crisis, 'productive incoherence' and developmental policy space," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(5), pages 805-830.
    14. Mario Cedrini, 2008. "Consensus versus freedom or consensus upon freedom? from Washington disorder to the rediscovery of Keynes," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(4), pages 499-522, July.
    15. Jan Kregel, 2008. "The discrete charm of the Washington consensus," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 30(4), pages 541-560, July.
    16. Jakob Vestergaard, 2004. "The Asian crisis and the shaping of 'proper' economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(6), pages 809-827, November.
    17. Feldstein, Martin, 1999. "A Self-Help Guide for Emerging Markets," Scholarly Articles 2961700, Harvard University Department of Economics.
    18. Dani Rodrik, 2000. "How Far Will International Economic Integration Go?," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 177-186, Winter.
    19. Hans W. Singer, 1987. "What Keynes and Keynesianism can Teach us about Less Developed Countries," Palgrave Macmillan Books, in: Ali M. El-Agraa (ed.), Protection, Cooperation, Integration and Development, chapter 16, pages 229-245, Palgrave Macmillan.
    20. Jan Kregel, 2009. "Some Simple Observations on the Reform of the International Monetary System," Economics Policy Note Archive 09-8, Levy Economics Institute.
    21. Anna Carabelli & Mario Cedrini, 2011. "The Economic Problem of Happiness: Keynes on Happiness and Economics," Forum for Social Economics, Springer;The Association for Social Economics, vol. 40(3), pages 335-359, October.
    22. Fleming, Grant, 2000. "Foreign Investment, Reparations and the Proposal for an International Bank: Notes on the Lectures of J. M. Keynes in Geneva, July 1929," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(2), pages 139-151, March.
    23. Robert Dimand, 2006. "Keynes on Global Economic Integration," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 34(2), pages 175-182, June.
    24. Catherine L. Mann, 2005. "Breaking Up is Hard to Do: Global Co-Dependency, Collective Action, and the Challenges of Global Adjustment," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 6(01), pages 16-23, June.
    25. Paul Davidson, 2007. "A Post Keynesian View of the Washington Consensus and How to Improve It," Palgrave Macmillan Books, in: Interpreting Keynes for the 21st Century, chapter 7, pages 93-105, Palgrave Macmillan.
    26. Anna Maria Carabelli & Mario Aldo Cedrini, 2007. "Current Global Imbalances: Might Keynes Be of Help?," Working Papers 113, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
    27. Eichengreen, Barry, 1984. "Keynes and Protection," The Journal of Economic History, Cambridge University Press, vol. 44(2), pages 363-373, June.
    28. Luca Fantacci & Maria Cristina Marcuzzo & Annalisa Rosselli & Eleonora Sanfilippo, 2012. "Speculation and buffer stocks: The legacy of Keynes and Kahn," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(3), pages 453-473, June.
    29. David Vines, 2003. "John maynard keynes 1937-1946: the creation of international macroeconomics," Economic Journal, Royal Economic Society, vol. 113(488), pages 338-361, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jörg Bibow, 2010. "Global imbalances, the US dollar, and how the crisis at the core of global finance spread to "self-insuring" emerging market economies," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(2), pages 325-359.
    2. Anna M. Carabelli & Mario A. Cedrini, 2010. ">i>Indian Currency>/i> and beyond: the legacy of the early economics of Keynes in the times of Bretton Woods II," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(2), pages 255-280, January.
    3. Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    4. Anna M. Carabelli & Mario A. Cedrini, 2010. "“Veiling The Controversies with Dubious Moral Attitudes”? Creditors and Debtors in Keynes’s Ethics of International Economic Relations," Working Papers 127, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
    5. Prakash Kumar Shrestha, Ph.D., 2016. "Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia," NRB Working Paper 32/2016, Nepal Rastra Bank, Research Department.
    6. Anna Carabelli & Mario Cedrini, 2010. "Keynes and the Complexity of International Economic Relations in the Aftermath of World War I," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(4), pages 1009-1028.
    7. Carabelli, Anna & Cedrini, Mario, 2014. "Not Beautiful, not Just, not Virtuous; 'And It Doesn't Deliver the Goods'. Capitalism and “Fear of Goods” in Keynes's Thought," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201438, University of Turin.
    8. Prakash Kumar Shrestha, Ph.D., 2016. "Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 28(1), pages 1-26, April.
    9. Anna Carabelli, 2012. "A new methodological approach to economic theory: what I have learnt from 30 years of research on Keynes," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Keynes’s General Theory for Today, chapter 5, pages 79-97, Edward Elgar Publishing.
    10. Peter A.G. van Bergeijk, 2019. "Deglobalization 2.0," Books, Edward Elgar Publishing, number 18560.
    11. Alfaro, Laura & Kanczuk, Fabio, 2009. "Optimal reserve management and sovereign debt," Journal of International Economics, Elsevier, vol. 77(1), pages 23-36, February.
    12. Maurice Obstfeld, 2021. "Globalization and nationalism: Retrospect and prospect," Contemporary Economic Policy, Western Economic Association International, vol. 39(4), pages 675-690, October.
    13. Ali Burak Güven, 2012. "The IMF, the World Bank, and the Global Economic Crisis: Exploring Paradigm Continuity," Development and Change, International Institute of Social Studies, vol. 43(4), pages 869-898, July.
    14. Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2018. "International Reserves and Rollover Risk," American Economic Review, American Economic Association, vol. 108(9), pages 2629-2670, September.
    15. Marcello Spanò, 2013. "Foreign Reserves as Hedging Instruments in Emerging Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(2), pages 203-230, April.
    16. Stephany Griffith-Jones & José Antonio Ocampo, 2009. "Sovereign Wealth Funds : a Developing Country Perspective," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 241-254.
    17. Antoni Estevadeordal & Alan M. Taylor, 2013. "Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s–2000s," The Review of Economics and Statistics, MIT Press, vol. 95(5), pages 1669-1690, December.
    18. Anna M. Carabelli & Mario A. Cedrini, 2014. "Keynes's General Theory , Treatise on Money and Tract on Monetary Reform : different theories, same methodological approach?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1060-1084, December.
    19. Mario A. Cedrini & Roberto Marchionatti, 2017. "On the Theoretical and Practical Relevance of the Concept of Gift to the Development of a Non-imperialist Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 633-649, December.
    20. Eduardo Wiesner, 2008. "The Political Economy of Macroeconomic Policy Reform in Latin America," Books, Edward Elgar Publishing, number 12913.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:uto:cesmep:201305. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Piero Cavaleri or Marina Grazioli (email available below). General contact details of provider: https://edirc.repec.org/data/cmtorit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.