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Contemporary Post Keynesian Analysis

Edited by L. Randall Wray and Mathew Forstater

Original articles by leading scholars of post Keynesian economics make up this authoritative collection. Current topics of the greatest interest are covered, such as: perspectives on current economic policy; post Keynesian approaches to monetary theory and policy; economic development, growth and inflation; Kaleckian perspectives on distribution; economic methodology; and history of heterodox economic theory. The contributors explore a variety of prevailing issues including: wage bargaining and monetary policy in the EMU; the meaning of money in the internet age; stability conditions for small open economies; and economic policies of sustainable development in countries transitioning to a market economy. Other enduring matters are examined through the lens of economic theorists – Kaleckian dynamics and evolutionary life cycles; a comparison between Keynes’s and Hayek’s economic theories; and an analysis of the power of the firm based on the work of Joan Robinson, to name a few.
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Chapter 19: Power of the Firm and New Mercantilism: An Analysis Based on Joan Robinson’s Thought

Dimitri Uzunidis and Blandine Laperche


19. Power of the firm and new mercantilism: an analysis based on Joan Robinson’s thought Dimitri Uzunidis and Blandine Laperche The critical method adopted by Joan Robinson to present the partisan content of the neoclassical approach often refers to international economic relations in her vision of economy. But this post Keynesian conquest of the enrichment (or impoverishment) process of an economy due to international trade (or finance, or cross-border investment) materialized brutally in the face of liberal orthodoxy, which, in turn, reduced international facts to mere flows or utilization of goods. It is important to underline the fact that in Joan Robinson’s science, history and politics shape economic players’ choices, functions and activities. Without spelling it out, the national state – a political organization, an economic agent and a regulator – is omnipresent in international economics. Through her long flashbacks to historical facts, Joan Robinson stands up for the argument of the evolution of international relations by confronting diverging and unequally powerful national interests, both political and economic. She also emphasizes the particular and unavoidable part played by one nation’s economic power on the economic development and positioning in the international relations of other nations. As early as 1965, the British author clearly questioned many issues regarding the economic power of certain countries based on the economic power of their firms; so far, international economists have not been able (or willing) to answer such questions. ‘As long as the overall market does not grow fast enough to make room for all, each...

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