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After Ricardo – after Marx – after Keynes: comparative advantage, mutual advantage and implications for global governance

Author

Listed:
  • Stuart Holland

    (University of Coimbra and Institute for Social and European Studies, Köszeg, Hungary)

Abstract

This paper submits that one of the most fallacious paradigms in economic thought and policy, stemming from Ricardo, has been that of comparative advantage, as it has assumed no capital mobility whereas it has been mainly foreign direct investment that has driven global trade since World War II and has confirmed Marx's claims for uneven development. The paper outlines that this has meant asymmetric outcomes compromising the post-war Bretton Woods system and suggests that this needs both a post-Ricardian and a post-Keynesian conceptual framework for global governance.

Suggested Citation

  • Stuart Holland, 2015. "After Ricardo – after Marx – after Keynes: comparative advantage, mutual advantage and implications for global governance," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(1), pages 29-44, January.
    • Handle: RePEc:elg:rokejn:v:3:y:2015:i:1:p29-44
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    Citations

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    Cited by:

    1. Stuart Holland & Andrew Black, 2018. "Cherchez la Firme: Redressing the Missing – Meso – Middle in Mainstream Economics," Economic Thought, World Economics Association, vol. 7(2), pages 15-53, November.
    2. Juozas Kasputis, 2019. "Hierarchical Inconsistencies: A Critical Assessment of Justification," Economic Thought, World Economics Association, vol. 8, pages 1-12, December.

    More about this item

    Keywords

    asymmetries; comparative advantage; mutual advantage; foreign direct investment; social direct investment;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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