Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

Revista de Economia Política

Kunibert Raffer¹ 

关键词: trade theory;    specialisation;    capital movements;    neoliberalism;    speculation;    teoria do comércio;    especialização;    movimentação de capitais;    neoliberalismo;    especulação;   

DOI  :  10.1590/0101-31572015v35n02a04

来源: SciELO

【 摘 要 】

Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

【 授权许可】

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