Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/106002
Authors: 
Palley, Thomas I.
Year of Publication: 
2014
Series/Report no.: 
IMK Working Paper 136
Abstract: 
Prior to the 2008 financial crisis there was much debate about global trade imbalances. Prima facie, the imbalances seem a significant problem. However, acknowledging that would question mainstream economics' celebratory stance toward globalization. That tension prompted an array of explanations which explained the imbalances while retaining the claim that globalization is socially beneficial. This paper surveys those new theories. It contrasts them with the structural Keynesian explanation that views the imbalances as an inevitable consequence of neoliberal globalization. The paper also describes how globalization created a political economy that supported the system despite its proclivity to generate trade imbalances.
Subjects: 
global imbalances
saving glut
new Bretton Woods
asset shortage
structural Keynesianism
JEL: 
F02
F32
F33
Document Type: 
Working Paper

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