Economic Theory and Globalization
What do the economic theories of thought-leaders in economics, such as Smith, Keynes, Marx and Schumpeter, tell us about globalisation in the twenty-first century? Great economic theories have provided a narrative of how society should work in all its asp
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Economic Theory and Globalization
Economic Theory and Globalization
Thomas Hoerber · Alain Anquetil Editors
Economic Theory and Globalization
Editors Thomas Hoerber Ecole Supérieure des Sciences Commerciales d’Angers (ESSCA) Angers, France
Alain Anquetil Ecole Supérieure des Sciences Commerciales d’Angers (ESSCA) Boulogne-Billancourt, France
ISBN 978-3-030-23823-0 ISBN 978-3-030-23824-7 (eBook) https://doi.org/10.1007/978-3-030-23824-7 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
The financial crisis of 2008 has triggered a searching debate over the nature of globalization—the relationship between gainers and losers, between national sovereignty and internationalism. Branco Milanovic’s “elephant curve” has shown that two groups in society have gained— the emerging middle class in China and Asia (at the top of the elephant’s body) and the plutocracy in the west (at the top of the uplifted trunk), with losers in the lower middle and working class in the developed countries (at the dip of the trunk). Although the losers in the west remain better off than their counterparts in the emerging markets, their experience of relative decline or stagnation has provoked a populist backlash. At the same time, neoliberalism promoted financial globalization and wilfully imposed austerity alongside bailing out the financial elite whose actions caused the crisis. It is a form of hyperglobalization that departed from the embedded liberalism of the post-war order. Then, Keynes and many economists who emerged from the economic section of the Lea
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