Review of Keynesian Economics

After Ricardo – after Marx – after Keynes: comparative advantage, mutual advantage and implications for global governance*

Stuart Holland *

Keywords: asymmetries, comparative advantage, mutual advantage, foreign direct investment, social direct investment


This paper submits that one of the most fallacious paradigms in economic thought and policy, stemming from Ricardo, has been that of comparative advantage, as it has assumed no capital mobility whereas it has been mainly foreign direct investment that has driven global trade since World War II and has confirmed Marx's claims for uneven development. The paper outlines that this has meant asymmetric outcomes compromising the post-war Bretton Woods system and suggests that this needs both a post-Ricardian and a post-Keynesian conceptual framework for global governance.

Author Notes

The preparation of this paper was supported by the European Social Fund and the government of Hungary in the framework of the TÁMOP 4.2.4. A/2-11-1-2012-0001 ‘National Excellence Programme’.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information