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Towards an understanding of the global market system: a new perspective for economics
Zum Verständnis des Weltwirtschaftssystem: eine neue Perspektive für die Wirtschaftswissenschaften
[journal article]
Abstract The paper proceeds from local economic systems which provide for the exchange of goods with currencies not convertible against any other currency. This implies, according the argument, that such systems constitute separate economic entities as distinct also from the world market system. Theoreticall... view more
The paper proceeds from local economic systems which provide for the exchange of goods with currencies not convertible against any other currency. This implies, according the argument, that such systems constitute separate economic entities as distinct also from the world market system. Theoretically, they form an Archimedic Point which allows to analyse aspects of the evolution of this global system. Assuming a correspondence between actual historical development and the history of thought this perspective sheds new light on changes in consumer behavior; traditional consumption theory and „new economic approach" are interpreted as reflections of a reorientation in consumer behavior. This theoretical insight provides also a new interpretation of the appearance of the new local exchange systems. Taking account of both, the global and the local dimension, this is a contribution to the development of liberal economics as a theory of a dual economy.... view less
Keywords
world economy; local factors; globalization; theory; consumption behavior; currency; economic system
Classification
National Economy
Sociology of Economics
Economic Policy
Document language
English
Publication Year
2000
Page/Pages
8 p.
Journal
Theory & Science, 1 (2000) 1
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works