Ricardo and some current problems of the global economy
Abstract
Times of rapid and profound change call for new approaches. David Ricardo made some important contributions in the first decades of the 19th century, beyond the popular theory of comparative advantages, covering issues related to international trade, income distribution, technological progress and their interrelations. In the third decade of the 21st century, the “Ricardian agenda” continues to be relevant, with debates about the world trading system, socio-political frictions associated to distribution, and debates about the impacts of wide-ranging technological changes, all complicated by the COVID-19 pandemic. This article explores some aspects of this “Ricardian agenda” to evaluate its fertility for the analysis of current problems, specifically in dimensions such as the reappearance of “strategic security” considerations, the dynamics of winners and losers in the face of global changes, including technological, and the interconnections between imports and exports. As during Ricardo’s time, international trade also appears today as a crucible in which decisive tensions and frictions converge.
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References
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