The Neomercantilists - Eric Helleiner - Ryan Research Podcast #11
Nov 30, 2022
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Explore the resurgence of Neo-Mercantilism in global economics with insights on influential figures like Henry Kerry's impact on economic ideologies and Ireland's anti-imperialist economic thought. Dive into decentralized banking advocacy and the hidden history of Neomercantilism as a vital third school of thought.
Support for monetary autonomy and floating exchange rates over the gold standard.
Advocacy for fair credit distribution and opposition to private monopolies in banking.
Successes of neo-mercantilist policies in economic development and policy formulation.
Importance of studying diverse global neo-mercantilist traditions to enrich economic thought and policy directions.
Deep dives
Kerry's Views on Money and Banking
Kerry endorses a greenback movement, rejecting the gold standard in favor of a floating exchange rate, emphasizing monetary autonomy. He also supports free banking, opposing monopoly central banks, and advocating for decentralized economic systems.
Kerry's Relationship to National Banks
Kerry generally supported the first and second national banks of the United States, viewing them as necessary regulatory bodies to counter private monopolies and ensure balanced credit distribution. His views on money allocation and financial regulation showcased a concern for preventing monopolization and promoting fair access to credit across different regions.
Neo-Mercantilism and Successful Policy Development
Han Jun Cheng and Eric S. Reinert have highlighted the successes of neo-mercantilist policies that various nations have used for development. Their portrayal emphasizes the consistent and effective policy lessons drawn from the neo-mercantilist intellectual tradition, showcasing its relevance in economic policy formulation and implementation.
Insights from Global Neo-Mercantilist Traditions
Acknowledging the diverse and indigenous neo-mercantilist traditions beyond Western thinkers is crucial, as it provides a more comprehensive understanding of the economic thought's evolution and global impact. Exploring varied perspectives from different regions like India, China, Japan, and beyond enriches the narrative of how economic ideas carve policy directions in diverse socio-political contexts.
Importance of Studying Historical Economic Thought
The significance of studying the history of economic thought lies in understanding the recurrent nature of economic challenges and the enduring influence of past thinkers on contemporary debates. By delving into historical perspectives, one gains valuable insights into how past solutions and ideologies can inform present economic policy formulation and global economic relations.
Future Work in the History of Economic Thought
A forthcoming book aims to explore the pre-1945 history of global economic thought beyond the Americaniclist thinkers, encompassing a broader range of viewpoints from diverse regions. This work aims to shed light on environmentalism, feminism, religion-economic intersections, and various intellectual strands that have contributed to shaping the world economy, providing a comprehensive view of economic thought evolution.
Final Message from the Author
The author underscores the importance of recognizing historical economic theories to comprehend contemporary economic challenges. By tracing the lineage of economic thought through different thinkers globally, one can gain valuable insights into recurring economic issues and the impact of past solutions on present-day economic policies. The upcoming book aims to broaden the scope of economic thought exploration, encompassing diverse global viewpoints and intellectual traditions to offer a comprehensive understanding of the world economy's evolution.
I'm joined in episode 11 of the Ryan Research podcast by Eric Helleiner. He is a Professor in the Department of Political Science at the University of Waterloo. He received his B.A. in Economics and Political Science from the University of Toronto, and his M.Sc. and Ph.D. from the Department of International Relations of the London School of Economics. His single authored books include The Neomercantilists: A Global Intellectual History (Cornell, 2021), States and the Reemergence of Global Finance (Cornell, 1994), The Making of National Money: Territorial Currencies in Historical Perspective (Cornell, 2003), The Forgotten Foundations of Bretton Woods: International Development and the Making of the Postwar Order (Cornell, 2014), and The Status Quo Crisis: Global Financial Governance After the 2008 Meltdown (Oxford, 2014). He is also co-editor of Nation-States and Money (1999), Economic Nationalism in a Globalizing World (2005), The Future of the Dollar (2009), Global Finance in Crisis: The Politics of International Regulatory Change (2010), The Great Wall of Money: Politics and Power in China’s International Monetary Relations (2014) and Governing the World’s Biggest Market: The Politics of Regulating Derivatives Markets After the 2008 Crisis (2018).
In our chat, we discuss his latest work The Neomercantlists: A Global Intellectual History. He explains the hidden history of Neomercantalism as a third school of thought usually left out of economic dialogues that consist of the two dominant strains of free trade or marxist schools. He discusses key figures in its formation like Friedrich List and Henry Charles Carey. His most fascinating insight is the global dimensions of this movement and references endogenous development in non-western countries that cuts against arguments of pure diffusionism. In conclusion, his book is most relevant to this current world of multipolar geopolitics that encourages refreshed exploration of these ideas.
You can purchase his work, The Neomercantilists here: https://www.amazon.com/Neomercantilists-Global-Intellectual-History/dp/1501760122
His university profile: https://uwaterloo.ca/political-science/people-profiles/eric-helleiner
You can watch the video version here: https://youtu.be/Pl9D_TQtSmo
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