World Trade and World Money. A Neoricardian Outlook on Global Economy

Guido Montani

Bulletin of Political Economy, 2012, vol. 6, issue 1, 1-17

Abstract: This paper examines some international aspects of Ricardo’s economic theory. The theory of comparative costs is considered a special case of a more general theory of economic integration, showing that the final stage of economic integration, when capital and workers freely circulate in the global market, is a world economic union. Ricardo worked out also a theory of the international gold standard. He came to the conclusion that, when banknotes circulate alongside gold, the central bank should be entrusted to a public agency, independent of national power and with a precise target for the issue of banknotes. These “cosmopolitan†positions suggest that in the present international economy, a world governance capable of guaranteeing monetary stability and free trade should be entrusted to supranational institutions, similar to those existing in the European Union.

Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:awu:journl:v:6:y:2012:i:1:p:1-17

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