Keynes and Globalization

James K. Galbraith

Chapter Chapter 12 in Keynes for the Twenty-First Century, 2008, pp 207-212 from Palgrave Macmillan

Abstract: Abstract The traditional way to adapt the basic closed-economy Keynesian model to an open world has been to introduce the elements of external account: exports, imports, capital flow, exchange rate. Sandy Darity and I give a treatment in our textbook; it is in no way original. We also develop a series of North-South models incorporating asymmetries such as the hard-currency-soft-currency dichotomy emphasized by Pan Yotopoulos. In a paper in the International Review of Applied Economics long ago, I interpreted Keynesian demand fluctuations and a model of vintage capital in a transnational, North-South framework, to show the structural evolution of an advanced economy like the United States toward technological bipolarity and an unstable reliance on investment booms in technology sectors. This paper nicely anticipated the speculative and tech-driven boom and bust of 1997–2002.

Keywords: Full Employment; Wage Structure; Global Inequality; Perfect Capital Mobility; European Unemployment (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61113-9_13

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DOI: 10.1057/9780230611139_13

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