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Trade, Development and Foreign Debt (Paperback)
Loot Price: R982
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Trade, Development and Foreign Debt (Paperback)
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In this survey of international economic thought, Michael Hudson
rewrites the history of trade, development and debt theorizing. He
shows that mainstream free-trade surveys are censorial in excluding
the protectionist logic that has guided the trade policy of Europe
and the United States, especially by leaving out discussion of the
transfer problem and payment of international debts. He points out
that most economists throughout history have focused as much on war
financing as on trade and development. Free-trade ideology and
IMF-style financial austerity under today's rules, rather than
benefiting all parties and maximizing welfare, leave "client"
nations severely indebted. By excluding dynamics that used to be
central to trade theory such as emigration and technology transfer,
today's global production and financial policies tend to
concentrate economic and political power in the hands of dominant
nations. Prof. Michael Hudson (Economics Department, University of
Missouri, Kansas City) is a frequent contributor to The Financial
Times, Counterpunch, and Global Research.
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