Defense of an Open Economy Model for Post–Civil War Spain

2020 ◽  
Vol 52 (4) ◽  
pp. 741-772
Author(s):  
Alfonso Expósito ◽  
Rocío Sánchez-Lissen
Keyword(s):  
Economic Theory ◽  
Economic Policy ◽  
Civil War ◽  
Open Economy ◽  
Economic Thought ◽  
Spanish Economy ◽  
Economy Model ◽  
The University ◽  
Work Done

This paper analyzes the work done by the economist Manuel de Torres Martínez (1903–1960), chair of economic theory at the University of Madrid, in the defense of an open economy model for Spain, through his prologues to the translations of foreign economics texts, during his period as director in Madrid of the economics section of the Publishing Aguilar (1945–60). With his work, Torres provided a guide to those responsible for economic policy to introduce the urgent changes needed by the Spanish economy, due to its problems of external deficit, inflation, and general shortages of products. At the same time, they contributed significantly to the diffusion and updating in Spain of the economic thought of foreign authors. Many of the ideas proposed by Torres and included in these prologues became a reality with the Stabilization Plan in 1959, which meant the definitive abandonment of an economic policy characterized by autarky and intense interventionism.

SHOULD THE PRIVATE SECTOR PROVIDE PUBLIC CAPITAL?

2007 ◽  
Vol 11 (3) ◽  
pp. 318-346
Author(s):  
SANTANU CHATTERJEE
Keyword(s):  
Open Economy ◽  
Public Capital ◽  
Borrowing Constraints ◽  
International Capital ◽  
Standard Assumption ◽  
Production Externalities ◽  
International Capital Markets ◽  
Private Provision ◽  
Large Production ◽  
Government Provision

The choice between private and government provision of a productive public good like infrastructure (public capital) is examined in the context of an endogenously growing open economy. The accumulation of public capital need not require government provision, in contrast to the standard assumption in the literature. Even with an efficient government, the relative costs and benefits of government and private provision depend crucially on the economy's underlying structural conditions and borrowing constraints in international capital markets. Countries with limited substitution possibilities and large production externalities may benefit from governments encouraging private provision of public capital through targeted investment subsidies. By contrast, countries with flexible substitution possibilities and relatively smaller externalities may benefit either from governments directly providing public capital or from regulation of private providers. The transitional dynamics also are shown to depend on the underlying elasticity of substitution and the size of the production externality.

On Modern Scientific Assessment of the Economic Theory of Marx-Engels-Lenin (Ten Items for Reflection)

2004 ◽  
pp. 111-130 ◽  
Author(s):  
V. Kudrov
Keyword(s):  
Economic Theory ◽  
Surplus Value ◽  
Scientific Assessment ◽  
General Law

Substantive provisions of the Marx-Engels-Lenin economic theory in comparison with vital realities of XX century are critically considered in the article. Theories of surplus value, labor value, general law of capitalist accumulation, absolute and relative impoverishment of proletariat are examined. The author points to utopianism and inconsistency of Marx's theory and calls Russian economists for creation of new economic theory adequate to challenges of XXI century.

"Marketocentric" Economics Is Obsolete

2004 ◽  
pp. 36-49 ◽  
Author(s):  
A. Buzgalin ◽  
A. Kolganov
Keyword(s):  
Economic Theory ◽  
Middle Ages ◽  
Modern Science ◽  
Economic Systems ◽  
Main Mode ◽  
Post Market ◽  
Market Relations ◽  
Post Industrial ◽  
The 19Th Century ◽  
The Universe

The "marketocentric" economic theory is now dominating in modern science (similar to Ptolemeus geocentric model of the Universe in the Middle Ages). But market economy is only one of different types of economic systems which became the main mode of resources allocation and motivation only in the end of the 19th century. Authors point to the necessity of the analysis of both pre-market and post-market relations. Transition towards the post-industrial neoeconomy requires "Copernical revolution" in economic theory, rejection of marketocentric orientation, which has become now not only less fruitful, but also dogmatically dangerous, leading to the conservation and reproduction of "market fundamentalism".

Beyond Market: Institutions of Governance in the Complex World (Nobel Memorial Prize in Economics 2009 - Oliver Williamson and Elinor Ostrom)

2010 ◽  
pp. 82-98 ◽  
Author(s):  
Ya. Kuzminov ◽  
M. Yudkevich
Keyword(s):  
Economic Theory ◽  
Behavioral Economics ◽  
Nobel Prize ◽  
Organization Theory ◽  
Development Studies ◽  
Complex World ◽  
Market Institutions ◽  
Institutional Economic

The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.

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