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Neither Free Trade Nor Protection provides a critical exploration of mainstream and alternative theories of international trade and presents original evidence of trade's consequences. It rejects the choice between openness and closure. Mainstream economists almost always support 'free trade' but their arguments for this are flawed and too often rely on a caricature of their opponents as simple-minded protectionists. Meanwhile, many critics successfully emphasize shortcomings of the orthodoxy but struggle to identify a more positive agenda, either seeing free trade as a desirable, if unachievable, end or equally simplistically blaming trade for international inequality. Both sides of the trade debate share much in terms of how they understand the objectives of national wealth and in how they overlook other economic processes and social questions. Bill Dunn's examination covers: critical interrogation of both mainstream and heterodox theories; systematic evaluation of contemporary evidence; historical context; trade, restructuring and the crisis of the 2000s; economics as a social science. Written in plain English, this book will appeal to students, researchers and political activists alike. It is an indispensible resource to those seeking a deeper understanding of alternative approaches to the mainstream theories of trade and economics.

"The book provides a theoretically and historically informed analysis of the global economic crisis. It makes original contributions to theories of value, of crisis and of the state and uses these to develop a rich empirical study of the changing character of capitalism in the twentieth century and beyond. It defends, uses and develops Marxist theory while arguing particularly against jumping too quickly from abstract concepts to a concrete understanding of the crisis. Instead, it uses what Marx described in his notebooks as an 'obvious' analytical ordering to progress from a general analysis of economy and society to a discussion of recent economic transformations and the specifics of the crisis and its aftermath. Dunn argues that appropriately reconceived, a critical Marxism can incorporate and enrich rather than rejecting insights from other traditions. He disputes general characterisations of capitalism to the crisis and theories which see finance and the contemporary financial crises as largely detached from other aspects of the economy and society. Providing a thoroughly socialised and historically based account, this book will be vital reading students and scholars of political economy, international political economy, Marxism, sociology, geography and development studies"--

"The book provides a theoretically and historically informed analysis of the global economic crisis. It makes original contributions to theories of value, of crisis and of the state and uses these to develop a rich empirical study of the changing character of capitalism in the twentieth century and beyond. It defends, uses and develops Marxist theory while arguing particularly against jumping too quickly from abstract concepts to a concrete understanding of the crisis. Instead, it uses what Marx described in his notebooks as an 'obvious' analytical ordering to progress from a general analysis of economy and society to a discussion of recent economic transformations and the specifics of the crisis and its aftermath. Dunn argues that appropriately reconceived, a critical Marxism can incorporate and enrich rather than rejecting insights from other traditions. He disputes general characterisations of capitalism to the crisis and theories which see finance and the contemporary financial crises as largely detached from other aspects of the economy and society. Providing a thoroughly socialised and historically based account, this book will be vital reading students and scholars of political economy, international political economy, Marxism, sociology, geography and development studies"--

"This ambitious survey of the world economy covers the major upheavals of the capitalist system over the last 100 years. Bill Dunn provides an original and enlightening explanation of the state of the world economy. He covers all the main aspects of global political economy explaining the theories behind production, trade, finance and relations between rich and poor countries. He also tackles the question of the origin of capitalism, a debate that always proves popular among students and academics. Dunn also includes a critique of alternative perspectives, showing that Marxism still provides the best analytical tools for understanding the global economy."--Book cover

Intro -- CONTENTS -- ABBREVIATIONS -- ACKNOWLEDGEMENTS -- INTRODUCTION -- 1 LIBERALISM -- 2 REALISM AND INSTITUTIONALISM -- 3 CRITICAL APPROACHES TO IPE -- 4 MARXISMS -- 5 THE TRANSFORMATION OF EUROPEAN FEUDALISM -- 6 THE MAKING OF THE GLOBAL ECONOMY -- 7 BRETTON WOODS AND THE GOLDEN AGE -- 8 PRODUCTION -- 9 TRADE -- 10 MONEY AND FINANCE -- 11 THE NEW ECONOMY AND THE TRANSFORMATION OF LABOUR? -- 12 THE POLITICAL ECONOMY OF THE ' NON- ECONOMIC' -- 13 COMPETITION AND COOPERATION BETWEEN RICH- COUNTRY ECONOMIES -- 14 PROBLEMS OF DEVELOPMENT AND DEPENDENCY: THE STATE, CAPITAL AND CLASS IN POOR COUNTRIES -- 15 GLOBAL GOVERNANCE OR THE NEW IMPERIALISM -- CONCLUSIONS: WHAT PROSPECTS FOR THE STATE, CAPITAL AND LABOUR? -- REFERENCES -- INDEX.

The profound insights provided by Minsky's theory of financial instability are insufficient. On the one hand, as Marxists and other critics have pointed out, they tend to dissociate finance from the instability-creating dynamics of the wider economy. On the other hand, they tend to depict the state as an exogenous, stabilizing, influence. This creates an inherent tension in Minsky's analysis, which also insists, "stability is destabilizing." A Marxist understanding resolves this tension. The state is an essential and active component of capitalism and its contradictions. State interventions may attenuate some of capitalism's destabilizing processes but these displace rather than eliminate the underlying contradictions and themselves contribute to longer-term instability and crises.

Neoliberalism is a slippery concept, neither intellectually precise nor political useful. It is used so widely, to mean such different things, that it becomes almost impossibly vague, while dissimilar international experiences of social change undermine the sweeping designation provided by most presentations of neoliberalism. The term is too often used as a catch-all category or as a category that catches selectively whatever a particular author chooses and disapproves. It is a word of the academic 'left', accepted neither by our opponents, the supposed neoliberals, nor in popular discourse, and its use perpetuates a self-referential world of our own. There is little new or liberal in the ideas or practices of 'neoliberalism'. The term is politically unhelpful, little use in identifying strategic priorities. A tendency to reproduce a binary, which posits the state as good and market as bad, is particularly unhelpful.

Attitudes towards international trade are remarkably polarised. Most mainstream economists advocate free trade as a mainstay of national and global prosperity. Meanwhile, many critics see it as the major cause of inequality and poverty. This polarisation is remarkable given the weakness of any systematic relationship between the propensity to trade and overall economic well-being and the practical infrequency of complete openness or autarchy. The dualism of trade theory is supported by, and reproduces, a conservative worldview which tends to obscure other more determinant aspects of political economy, and directs opposition to global capital into safe, nationalistic channels.