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Globalization

In: Interpreting Keynes for the 21st Century

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  • Paul Davidson

Abstract

Keynes’s General Theory of Employment Interest and Money (1936) is developed primarily in a closed economy context. Keynes did, however, introduce an open economy analysis when he noted that 1. trade could modify the magnitude of the domestic employment multiplier (Keynes, 1936, p. 120), 2. reductions in money wages would worsen the terms of trade and therefore reduce real income, while it could improve the balance of trade (p. 263), and 3. stimulating either domestic investment or foreign investment can increase domestic employment growth (p. 335).

Suggested Citation

  • Paul Davidson, 2007. "Globalization," Palgrave Macmillan Books, in: Interpreting Keynes for the 21st Century, chapter 3, pages 37-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28655-9_3
    DOI: 10.1057/9780230286559_3
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    Cited by:

    1. David Kucera, 2001. "Foreign Trade of Manufactures and Men and Women's Employment and Earnings in Germany and Japan," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(2), pages 129-149.

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