Trade, Development & Foreign Debt, Vol. 2
Published by Pluto Press
1992, 194pp, ISBN 0745306667, Paperback
This is is a long overdue rebuttal to Viner and subsequent historians of trade theory, as well as to the equilibrium mathematics for which Nobel Economics prizes are usually awarded. Dr Hudson shows that, far from being the preserve of a few marginal heretics in each generation, anti-monetarist and anti-equilibriurn theories of world economic polarisation and unequal exchange have a long pedigree and have dominated policy for extensive periods of time.
However, as today’s economic orthodoxy has narrowed to represent the interests of the industrial creditor nations, its assumptions have been limited to those that will produce free trade and IMF monetarist conclusions. Reflecting this narrowing of scope, histories of international economics have been rewritten to expurgate all trace of more dynamic and realistic premises.
In these two volumes, Michael Hudson identifies what is needed to achieve a body of economic theory better able to deal with the structural realities of todays dynamic multilayered world. Volume I is concerned with the origins of international economics and trade theory. Volume II focuses on the impact of foreign debt on trade and development, and the lessons of history.
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