A Macroeconomic Analysis of the Role of Trans-national Corporations in a Monetary Theory of Production
In: Proceedings of the Conference on Globalization and Its Discontents
This paper aims to put forward an original conceptual framework and a renewed perspective on monetary analysis applied to trans-national corporations based on some of the views of Bernard Schmitt developed over the last forty years. After reviewing the terminological principles of the theory of money emissions, we show that Bernard Schmitt’s theoretical insights have enabled the successful integration of money and output at the conceptual level along the lines of a Keynesian monetary theory of production. We then examine the issue of the definition of the trans-national corporation and its exponential rise in the world economy with regard to the globalisation process. Finally, the inclusion of trans-national corporations in the theory of money emissions allows us to redefine transnational production as an additional conceptual level in monetary macroeconomics, with far-reaching implications as far as the monetisation of trans-national production and the subsequent reform of international payments are concerned.
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