2019 Volume 1 Pages 1-21
The rise of nationalistic governments has brought the trend to globalization in economic affairs into question. These reactions also question proposals for institutions of global governance to deal with global issues in a uniform manner and to create a more level playing field amongst nations. Instead what seems to be required is the combination of national control of policy providing global coordination. This essay suggests that a similar problem was faced in the aftermath of the breakdown of the gold standard and that the appropriate appreciation and application of Keynes’s proposal for a clearing union might be a fruitful solution.
