The Liberal Economic Order. Vol 1 Essays on International Economics

Name: The Liberal Economic Order. Vol 1 Essays on International Economics
Author: Haberler

1993

by Haberler

Gottfried HaberlerInternational TradeLiberalismLaissez-faireAustrian SchoolBalance of PaymentsBusiness CyclesComparative AdvantageFree TradeFriedrich A. HayekFriedrich von WieserInternational LiquidityJohn Maynard KeynesLudwig von MisesOpportunity CostPaul SamuelsonExchange RatesCapital AccumulationGreat DepressionInterest RatesIrving FisherJoseph SchumpeterMarxismMonetary EquilibriumStagflationExchange ControlProtectionismBretton WoodsEuropean Payments UnionCapital FlightTerms of TradeDevaluationInflationInternational Monetary FundGold StandardInnovationRaw MaterialsUnemploymentGold ReservesCapital MovementsDeflationFederal ReservePublic FinanceSpecial Drawing RightsRobert TriffinAdam SmithAlvin HansenJacques RueffFritz MachlupJacob VinerPrice MechanismPrice TheoryEuropean UnionFiscal PolicyMonetary PolicyWage RigidityMilton FriedmanPrice StabilityConvertibilityJohn Stuart MillEconomic DevelopmentMonetary ReformMoney SupplyKeynesian EconomicsMonetarismMinimum WageSpeculationSpontaneous OrderClassical EconomicsDeficit SpendingAlfred MarshallExpectationsPrivatizationPurchasing PowerCartelsLeague of NationsWorld War IMonopolyCompetitionTrade PolicyWelfare EconomicsGeopoliticsAutarkyPlanned EconomyIndustrial RevolutionWilhelm RopkeEconomic IntegrationPolitical EconomyCustoms UnionDivision of LaborEconomies of ScaleProduction CostsFrank KnightInterventionismSocialismLionel RobbinsDavid RicardoEquilibriumExternalitiesMarginal CostPerfect CompetitionNicholas KaldorOligopolyCapitalismEntrepreneurshipFriedrich ListOtto BauerRudolf HilferdingEconomic CalculationNationalismResource AllocationMathematical EconomicsNeoclassical EconomicsEconomic EfficiencyMonopolistic CompetitionOskar LangeFederalismProfit and LossProperty RightsEmpiricismNational IncomeGresham's LawTaxationJohn HicksGunnar MyrdalKarl MarxIncome DistributionMarshall PlanMixed EconomyEconomic PolicyPhillips CurveWilliam Stanley JevonsAgricultureHuman CapitalJoan RobinsonProductivityInfrastructureHjalmar SchachtLabor Market

Table of Contents · 168 segments

Front Matter, Series Information, Publication Data, and Contentschapter

Editor's Prefaceessay

Introduction: Haberler’s Life, Method, and Major Contributionsessay

Introduction: Guide to Volume Iessay

Introduction: Guide to Volume II and Personal Reflectionessay

Introduction Notesfootnotes

Currency Convertibility: Introductionchapter

Currency Convertibility: Meanings and Forms of Convertibilitychapter

Currency Convertibility: The Importance of Full Convertibilitychapter

Currency Convertibility: Why Sterling Convertibility Failed in 1947chapter

Currency Convertibility: Conditions Greatly Improved Since 1947chapter

Currency Convertibility: Convertibility, Inflation, and Exchange Rateschapter

Currency Convertibility: The US Tariff, American Productivity, and Convertibilitychapter

Currency Convertibility: Convertibility Can Be Introduced Nowchapter

Currency Convertibility: Convertibility and American Recessionschapter

US recession, exchange depreciation, and terms-of-trade effectsessay

The European Payments Union, the sterling bloc and convertibilityessay

Summary and conclusions on currency convertibilityessay

Notes to Currency convertibilityfootnotes

Introduction to US balance-of-payments policies and international monetary reformchapter

Development of the United States balance of payments during the postwar periodessay

Balance-of-payments policies from 1959 through 1967: overviewessay

Restrictions on current account transactionsessay

Restrictions on capital transfersessay

Balance-of-payments policy 1968: on the road to full exchange controlessay

Restrictions on capital transfers abroadessay

Tourist taxesessay

Tax refunds on exports and border taxes on importsessay

International liquidity and confidence: recent developments and proposalstheoretical

Special drawing rightsessay

Special drawing rights and the limits of reserve creationessay

International monetary cooperation and the closing of the gold poolessay

The official overhang and the price of goldessay

Proposals for an international reserve settlement accountessay

Current account convertibility versus gold convertibility of the dollaressay

Summary of liquidity, confidence, and adjustment issuesessay

Basic principles of the balance-of-payments adjustment mechanismtheoretical

Adjustment under fixed exchange ratestheoretical

Adjustment under variable exchange ratestheoretical

Objections to flexible exchange ratestheoretical

Adjustment of the American balance of paymentsessay

Must the dollar be devalued?essay

Summary of adjustment policy and the dollaressay

Notes to US balance-of-payments policies and international monetary reform, notes 1–33footnotes

US Balance-of-Payments Policies and International Monetary Reform: concluding paragraph and noteschapter

Notes to Chapter 2: US balance-of-payments policies and monetary reform, continuedfootnotes

Chapter 3 introduction: recent monetary crises and arguments against flexibilitychapter

Rebuttal of objections to flexible exchange rates and the dollar’s special rolechapter

Liquidity, confidence, SDRs, and reserve-pooling proposalschapter

Purpose and instability of the international monetary mechanismchapter

Balance-of-payments accounting, autonomous transactions, and accommodating transactionschapter

Causes of balance-of-payments disequilibrium and differential growth rateschapter

Adjustment mechanisms, variable exchange rates, devaluation, and limited flexibilitychapter

International liquidity, gold systems, reserve scarcity, and sterling crisischapter

Summary and conclusions on IMF reform, liquidity, and exchange-rate flexibilitychapter

Notes to Chapter 3, notes 1–31footnotes

Notes to Previous Chapter: International Reserves and Monetary Controlfootnotes

Chapter 4 Introduction: The Case Against the Linkessay

The Link Complicates Reserve Creationessay

The Link Is Inflationaryessay

Aid Through the Link Versus Aid Through the Budgetessay

Distribution of the Burden of Aid Among Donor Countriesessay

Notes to Chapter 4: The Case Against the Linkfootnotes

Chapter 5 Heading: The International Monetary System After Jamaica and Manilachapter

Introduction to the Jamaica and Manila monetary reformschapter

From the gold standard to Bretton Woodschapter

From Bretton Woods to widespread floatingchapter

Criticism of floating exchange rateschapter

Managed floating and dirty floatingchapter

Reference rates and target zoneschapter

Concluding remarks on exchange-rate surveillancechapter

Adjustment, confidence, and liquidity under floatingchapter

International liquidity and global reserves in a floating systemchapter

World inflation, recession, and the limits of floatingchapter

The American advice to West Germany and Japanchapter

Postscript on expansion policy, summit targets, and current accountschapter

Postscript on protectionism and IMF surveillancechapter

Postscript to postscript on the US deficit and exchange marketschapter

Notes to The international monetary system after Jamaica and Manila, notes 1–19footnotes

Endnotes to Chapter 5: Import Controls and Managed Floatingfootnotes

Endnotes to Chapter 5: International Reserves and Liquidity Reformfootnotes

Endnotes to Chapter 5: Terms of Trade, Stagflation, and Surplus-Country Policyfootnotes

Endnotes to Chapter 5: 1977 Summit, Protectionism, and IMF Surveillancefootnotes

Chapter 6 Title: International Monetary System and Policy Coordinationchapter

Introduction: floating exchange rates, dollar indexes, and the Reagan policy shiftchapter

How floating was forced on reluctant policy-makerschapter

The floating dollar in the 1970schapter

The strong dollar: 1980 to February 1985chapter

The declining dollar, intervention, and the case against returning to fixed rateschapter

International policy coordination and US pressure on Germany and Japanchapter

Policy conclusions: rules, quiet diplomacy, and market exchange rateschapter

Epilogue: renewed volatility and reaffirmation of floatingchapter

Notes to the chapter, notes 1-25footnotes

Notes to Chapter 6: Proposals for International Policy Coordination, Continuedfootnotes

The State of the World Economy: Introduction and Historical Perspectiveschapter

Global Imbalances, Dollar History, and U.S. Budget Deficitschapter

U.S. Trade Deficits and the Exchange-Rate System in the 1980schapter

The World Debt Problem and Latin American Reformchapter

Appendix: The Strong Dollar, U.S. Budget Policy, and Interventionchapter

100

Notes to Chapter 7: The State of the World Economyfootnotes

101

Part II: International Trade and the Definition of Quantitative Trade Controlschapter

102

Quantitative Controls in the 1920schapter

103

Quantitative Controls in the 1930s: Depression, Sterling, and the Spread of Quotaschapter

104

Quantitative trade controls: late-1930s scope and reversal of liberalizationchapter

105

Differences between tariffs and quotas: rigidity, monopoly, balance of payments, and price gapschapter

106

Differences between tariffs and quotas: quota rents, licence allocation, and vested interestschapter

107

Differences between tariffs and quotas: discrimination, MFN, stabilization claims, and executive discretionchapter

108

Reasons for adopting quantitative trade restrictions: postwar disruption and the limits of tariffs in the 1920schapter

109

Reasons for adopting quantitative trade restrictions: Depression-era price collapse, currency defence, planning, and bargainingchapter

110

Reasons for the persistence of quantitative restrictions in the 1930schapter

111

Conclusions: implications of quantitative controls for the liberal economic orderchapter

112

Conclusions: procedures for removing or relaxing quantitative controlschapter

113

Conclusions: avoiding autarky and renewed quantitative controls after the warchapter

114

Notes to Quantitative Trade Controls and opening heading of Chapter 9footnotes

115

Introduction to Regional or Continental Blocschapter

116

The Possible Economic Content of Regional Federationschapter

117

The Case for Large Economic Unitschapter

118

General Versus Regional Reductions of Trade Barrierschapter

119

Non-Economic Arguments for Regional Blocschapter

120

Some International Implications of Economic Planningchapter

121

Conclusionchapter

122

Notes to The Political Economy of Regional or Continental Blocs, 1–17footnotes

123

Notes to the preceding chapter, continuedfootnotes

124

Chapter 10 opening: multilateralism, non-discrimination, and regional blocsessay

125

Customs unions versus preferential tariff arrangementsessay

126

Why customs unions are rare and why US policy should avoid regional blocsessay

127

Chapter 11 opening: Ricardo and the modern theory of comparative advantagetheoretical

128

Basic assumptions and deviations from comparative-cost theorytheoretical

129

Monopoly claims and the alleged adverse trend in terms of tradetheoretical

130

Disguised unemployment and technological external economiestheoretical

131

Dynamic external economies, entrepreneurship, and trade theory versus growth theorytheoretical

132

Summary and conclusion: comparative advantage remains applicabletheoretical

133

Notes to chapter 11, beginningfootnotes

134

Chapter 11 notes on development and comparative advantage (continued)footnotes

135

Theoretical reflections on the trade of socialist economies: introductionchapter

136

Early socialist views on tradeessay

137

Modern theorists of socialist planning and intra-socialist tradetheoretical

138

Western versus eastern economic integrationtheoretical

139

Dual application of modern economic theorytheoretical

140

Limitations of economic theory: depression, competition, externalitiestheoretical

141

Economic theory and the role of the entrepreneurtheoretical

142

Criticism of perfect competitiontheoretical

143

Entrepreneurship in centrally planned economiestheoretical

144

Entrepreneurs and international tradetheoretical

145

Summing up: trade aversion and synthetic competitiontheoretical

146

Appendix: empirical propositions for studyessay

147

Notes to chapter 12 (continued)footnotes

148

Notes to Previous Chapter: Socialist Trade Planning and Bilateral Tradefootnotes

149

Import Border Taxes and Export-Tax Refunds versus Exchange-Rate Changeschapter

150

Appendix: Taxes on Imports and Export Subsidies as Adjustment Toolsessay

151

The Liberal International Economic Order: Definition and Challengeschapter

152

Performance of Liberal Capitalism from the Nineteenth Century to World War Ichapter

153

World Wars, the Great Depression, and Misreadings of Liberal Capitalismchapter

154

Postwar Growth, Developing Countries, and Expectations after World War IIchapter

155

Terms of Trade, World Trade Growth, and LDC Manufactured Exportschapter

156

The 1972–77 Period: Recession, Stagflation, and the Future of Liberal Orderchapter

157

Notes to Chapter 14: Historical Perspective on the Liberal International Economic Orderfootnotes

158

Liberal and Illiberal Development Policy: Historical Background and Liberal Revivalchapter

159

Revisiting Early Development Beliefs and the Terms-of-Trade Thesischapter

160

The Demonstration Effect, Foreign Exchange Bottlenecks, and Two-Gap Modelschapter

161

Keynesian Economics and Disguised Unemployment in Development Theorychapter

162

Trade Policy for Developing Countries: Comparative Advantage, Optimum Tariffs, and Infant Industrychapter

163

External Economies, Exchange Rates, and Excessive Pessimism in Development Policychapter

164

Notes to Chapter 15: Development Policy Sources and Early Historical Notesfootnotes

165

Notes to Chapter 15, Liberal and illiberal development policy (continued)footnotes

166

Chapter 16: Liberal and illiberal trade policy: the messy world of the second bestchapter

167

Name Indexbibliography

168

Economists of the Twentieth Century series listbibliography