The mercantile dilemma: formalisations and historical conclusions

Alessandro Saccal

MPRA Paper from University Library of Munich, Germany

Abstract: The following contributions are hereby worked: one mathematically formalises Mundell’s Impossible trio and Rodrik’s Globalisation paradox, supplying the latter with a taxonomy in terms of the current account; by means of Kaldor’s price endogeneity in output, one proves that external real money market disparity and trade generate external output mismatches and lead to autarky unless offset, using topology and dynamical systems; one characterises transfers and federalism and shows that all unitary states are federal polities and can merge into confederations; one demonstrates that the said external output mismatches can be only eluded via autarky or neutralisation, irrespective of federalism; one discerns artificial currency areas guaranteeing inter-regional external output equality and modern protectionism as two Nash equilibria, especially rationalising the nexus between the Gold standard, the Industrial revolution and the Great divergence therethrough.

Keywords: autarky; federalism; inefficiency; trilemma. (search for similar items in EconPapers)
JEL-codes: E12 F13 F22 F41 F43 F45 F52 F60 N10 O11 O40 (search for similar items in EconPapers)
Date: 2019-07-27
New Economics Papers: this item is included in nep-gth, nep-his, nep-int, nep-mac, nep-opm, nep-ore and nep-pke
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https://mpra.ub.uni-muenchen.de/115846/1/MPRA_paper_115846.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:107639

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