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Uneven Development and the Destabilisation of the North: A Keynesian view

In: The Relevance of Keynesian Economic Policies Today

Author

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  • James K. Galbraith

Abstract

The work of Hymer (1972) and Emmanuel (1972) inspired the literature on uneven development, unequal exchange, the transnational corporation and North-South trade in general. But most of the literature is devoted to the consequences of such phenomena for developing countries, and is couched in the distinctive idioms of dependency theory. Our insular Northern economics has scarcely been touched by these ideas.1 Explorations of faltering performance in the developed countries continue along lines unrelated to North-South trade, and efforts to establish linkages have been hotly disputed. To take two early examples, Krugman (1986) emphasised the role of dynamic scale economies in inducing hysteresis in the US trade balance, while Baldwin (1988) modelled the effects of sunk costs of entry in generating hysteresis in import prices. Both models are aimed at trade in general and can be applied to model economies on the same technological and income levels. Neither is geared to the special conditions of the North-South relationship.

Suggested Citation

  • James K. Galbraith, 1997. "Uneven Development and the Destabilisation of the North: A Keynesian view," Palgrave Macmillan Books, in: Philip Arestis & Malcolm Sawyer (ed.), The Relevance of Keynesian Economic Policies Today, chapter 8, pages 136-153, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25425-5_8
    DOI: 10.1007/978-1-349-25425-5_8
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