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The Classical and Neoclassical Theoretical Traditions and the Evolutionary Study of the Dynamics of Globalization

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  • Vlados, Charis

    (Democritus University of Thrace, Department of Economics)

Abstract

This article aims to present the theoretical foundations of the classical political economy through the contributions of Adam Smith and David Ricardo and to find out how their neoclassical followers interpreted, evaluated, and transformed this classical theoretical basis. Specifically, we analyze from a critical point of view the neoclassical interpretation of globalization by arguing that this theorization is probably insufficient in analytical terms. We conclude that an analytical counterproposal for the relative explanatory insufficiencies of the neoclassical synthesis is based on the modern evolutionary approach of globalization.

Suggested Citation

  • Vlados, Charis, 2019. "The Classical and Neoclassical Theoretical Traditions and the Evolutionary Study of the Dynamics of Globalization," DUTH Research Papers in Economics 24-2019, Democritus University of Thrace, Department of Economics.
    • Handle: RePEc:ris:duthrp:2019_024
    Note: Journal of Economics and Political Economy, 6(3), 257-280
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    More about this item

    Keywords

    Classical political economy; Neoclassical economics critique; Evolutionary approach; Globalization;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade

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