After Ricardo – after Marx – after Keynes: comparative advantage, mutual advantage and implications for global governance

Stuart Holland
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Stuart Holland: University of Coimbra and Institute for Social and European Studies, Köszeg, Hungary

Review of Keynesian Economics, 2015, vol. 3, issue 1, 29-44

Abstract: This paper submits that one of the most fallacious paradigms in economic thought and policy, stemming from Ricardo, has been that of comparative advantage, as it has assumed no capital mobility whereas it has been mainly foreign direct investment that has driven global trade since World War II and has confirmed Marx's claims for uneven development. The paper outlines that this has meant asymmetric outcomes compromising the post-war Bretton Woods system and suggests that this needs both a post-Ricardian and a post-Keynesian conceptual framework for global governance.

Keywords: asymmetries; comparative advantage; mutual advantage; foreign direct investment; social direct investment (search for similar items in EconPapers)
JEL-codes: A11 B10 B20 F21 F23 O20 P33 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:elg:rokejn:v:3:y:2015:i:1:p29-44

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