Sunday, January 7, 2018

Aabid Firdausi — International Trade and Globalization: Are Benefits Truly Mutual?

The euphoria around international trade and the general consensus regarding capitalism’s inevitable sustenance among countries of the Global South is at least partly due to the absence of an alternative after the collapse of the Soviet Union. The politics of capitalism, with its expansionary dynamics, has assumed a truly “global” avatar by aggressively pursuing a neoliberal globalization agenda. Thus, we see much hype around the numerous trade treaties that governments around the world sign, claiming they would boost economic growth and create jobs. However, a critical examination of mainstream trade theories reveals several insights as to why there has been a hegemony of thought when it comes to attitudes around globalization.
The idea that “free” trade and globalization imply mutual benefits and prosperity for all the parties involved is simply accepted as common sense. Mainstream trade theories argue that if nations engage in international exchange, then all parties will be better off. Although this seemingly innocuous assumption is based on an unrealistic worldview, it has deep implications when translated into practice. This article provides a basic understanding of some of the areas that theories in mainstream international economics conveniently ignore....
The Minskys
International Trade and Globalization: Are Benefits Truly Mutual?
Aabid Firdausi | Master’s student at the Department of Economics, University of Kerala, India

2 comments:

GLH said...

If you haven't already I suggest that you read "manual of social science, Henry Charles Carey" by Kate McKean. Carey is one of the people behind the American system of protectionism. The book explains a lot of what the neoliberals have discarded from history about trade. As I said before, it not about whether we should have free trade or fair trade, trade is the problem. Carey explains the difference in trade and commerce and shows that trade is just a form of war on people. War and trade travel together. Also, although it isn't in the book, air pollution is also a big part of trade.

Tom Hickey said...

I suggest that you read "manual of social science, Henry Charles Carey" by Kate McKean

Free download at archive.org

https://archive.org/details/bub_gb_8gU9AAAAYAAJ