Free Trade: Myth, Reality and Alternatives (Global Issues)

Free Trade: Myth, Reality and Alternatives (Global Issues)

Graham Dunkley

Language: English

Pages: 288

ISBN: 1856498638

Format: PDF / Kindle (mobi) / ePub


This book takes a fresh look at this issue in economic policy. Graham Dunkley provides a critical history of international trade and an alternative analysis to orthodox doctrines about trade policy. He argues that trade, although a natural economic process, has today become much more complex, deregulated and divorced from development than is desirable. He concludes by suggesting elements of a new approach to development and an alternative world trading and economic order.

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generating economies of scale, research capacity and national competitiveness. Kaldor’s approach was based on a fundamental challenge to orthodox theories of equilibrium and diminishing or constant returns (esp. see Kaldor, : ch. ). The influential sub-mainstream Post-Keynesian school, following Keynes, Marx and Joan Robinson, among other influences, fundamentally challenges Free Market Economic Rationalist theory in seeing prices as set by corporate power; private, globalised speculative

generating economies of scale, research capacity and national competitiveness. Kaldor’s approach was based on a fundamental challenge to orthodox theories of equilibrium and diminishing or constant returns (esp. see Kaldor, : ch. ). The influential sub-mainstream Post-Keynesian school, following Keynes, Marx and Joan Robinson, among other influences, fundamentally challenges Free Market Economic Rationalist theory in seeing prices as set by corporate power; private, globalised speculative

    least  per cent of all trading, some observers putting this as high as a staggering  per cent. The causes of this trend are complex, but include rising general trade (above), rising FDI, increasing TNC control of both trade and investment, domestic consolidation of large companies and government deregulation of all these, thus entailing corporate and national politics as much as, or more than, inevitable globalism. As TNCs are known to use oligopolistic strategies,

(Ruggiero in Aga Khan, : ). Trade obsession reached an apogee at the  Johannesburg Summit on Sustainable Development, when Australia and other trade-obsessed Western countries moved to include in key environmental and justice resolutions the clause: ‘while ensuring WTO consistency’, implying that we can only save the planet if the WTO approves! This clause was dropped when howled down by dissident Third World countries (TWN, September , –), but a strong trade determinist

food, consumer goods, defence, information technology, machine tools and entertainment, extensively developing and exporting alternative technologies. Major industry policy programmes in areas such as machine tools, pharmaceuticals and computers have been criticised as high cost, but have left Indians with their own appropriate designs, with some of the cheapest medicines in the world, both for Western and traditional Ayurvedic products, and with many other social benefits (Chandra, ; Sahu,

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