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Heterodox Economics

Foundations of Alternative Economics

Hasan Gürak

Mainstream economic textbooks propose a kind of economic world which can only exist in fictitious markets where producers and consumers interact like robots, relations are mechanical and assumptions utopian. Accordingly, the expositions are, in substance, nothing but sophistry. Yet, many economists are becoming more and more discontent with the sophistries of mainstream doctrines. The book presents some realistic alternative approaches to the conventional ‘unrealistic’ attitudes of mainstream economists in order to pave the way for a further development of new ideas.

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Chapter 8: GLOBAL TRADE

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While the comparative cost concept and other basic concepts have rare- ly failed to provide some help, they have usually carried the analyst on- ly a little way toward adequate understanding. Vernon, 1966,p.190 Concept Confusion The title of this section might give the impression, at first glance, that two dif- ferent trade types were to be discussed. The simple reason behind this miscon- ception is the play on words which leads people to assume that "global trade" and "international trade" are two different types of trade. It should not come as a surprise to encounter a third word implying the same thing; “world trade”. Yet, the fact is there is no difference at all in regard to substance. Since the subject matter is economics, we will be discussing “global” or “world” or synonymously “international” trade and we shall use these terms interchangeably. Therefore, it would be misleading to use these concepts as if they are substantially different. Global trade refers to the export and import of products taking place on our planet not only “within” but also “among” the eco- nomic agents. Long before the use of the concept “global” in economic jargon enterprises were engaged in international or, synonymously global trade. In oth- er words, "international" trade refers exactly to the same economic transactions that are found in “global” trade transactions. The interesting question is; why was the concept of globalization introduced as if basically different economic transactions were taking place, suggesting that world economic relations were undergoing...

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