Globalization

Paul Davidson

Journal of Post Keynesian Economics, 2002, vol. 24, issue 3, 475-492

Abstract: This paper expands Keynes’s closed economy model of The General Theory to an open global entrepreneurial system. Orthodox open economy models assume that economic problems are always due to some supply-side impeifection or rigidity. This paper explores the difference between Keynes’s open system and the classical system and demonstrates why the policies adopted since 1973 have resulted in poor economic peiformance for the global economy.

Date: 2002
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Chapter: Globalization (2007)
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DOI: 10.1080/01603477.2002.11490337

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