Economics The World as One Economy
ISBN: 978 0 948229 16 9
Today’s economic reality is that of a single global economy. Traditional economics does not recognise this fact and in consequence has yet to master the complexities of modern economic life. It attempts to explain events in terms of nation-state economies as if unaware that this frame of reference is out of date. The world’s economy has long ceased to comprise separate national areas, so theories and structures that overlook this fact are bound to fail. What is needed is a global approach to economic life and with this a dynamic analysis of the economic process – something that can only happen once we find a path that takes us beyond the confines of nationalistic thinking. Not generally known for his contribution to economics, Steiner shows a remarkable knowledge of economic history and a firm grasp of day-to-day problems – from the price of gold to the structure of state capitalism. Though they were given in 1922 (when John Maynard Keynes was writing A Tract on Monetary Reform), these lectures and discussions have lost nothing of their relevance. The problems facing humanity at the end of World War 1 have never been properly addressed and haunt us still. They continue just below the surface, glossed over by the increasingly abstract economics that dominates our times. For those who would penetrate the veneer of modern economics this book is a repository of valuable insights, prefaced by an essay putting Steiner’s contribution to economics in a modern context.