The Hegelian dialectics of global imbalances

Traditional narratives of external imbalances have focused on the analysis of national accounts, trade flows, and financial flows. They have generated two opposing views of the current situation of the world economy: on one side, a prudent, if not pessimistic view considers large imbalances as evide...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autor principal:	Célestin Monga
Formato:	article
Lenguaje:	DE EN FR
Publicado:	Editura ASE Bucuresti 2012
Materias:	Global imbalances Lucas Paradox Twin-deficit hypothesis Nash equilibrium Dynamics of self-consciousness Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/58cd63f33b7e4f5f85423c4e7b6e23ad
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:58cd63f33b7e4f5f85423c4e7b6e23ad
record_format	dspace
spelling	oai:doaj.org-article:58cd63f33b7e4f5f85423c4e7b6e23ad2021-12-02T02:11:49ZThe Hegelian dialectics of global imbalances1843-22981844-8208https://doaj.org/article/58cd63f33b7e4f5f85423c4e7b6e23ad2012-11-01T00:00:00Zhttp://www.jpe.ro/poze/articole/83.pdfhttps://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208Traditional narratives of external imbalances have focused on the analysis of national accounts, trade flows, and financial flows. They have generated two opposing views of the current situation of the world economy: on one side, a prudent, if not pessimistic view considers large imbalances as evidence of problems with the international monetary and financial system, and symptoms of domestic distortions (mainly in the United States and China). On the other side, a relaxed, if not optimistic view suggests that global imbalances are not anomalies but simply the predictable outcome of a world with increasingly globalized financial flows in search of the right mix of risks and returns. This paper offers a critical analysis of these competing explanations of the United States-China imbalances and suggests a way of reconciling them. The paper uses Hegel’s parable of the development of self-consciousness to explain the dynamics between the two countries. Hegel may not have been a great philosopher of history but his study of lordship and bondage provides a good framework for analyzing the dialectics of recognition and acknowledgement that currently characterizes the macroeconomic relationships between the United States and China.Célestin MongaEditura ASE BucurestiarticleGlobal imbalancesLucas ParadoxTwin-deficit hypothesisNash equilibriumDynamics of self-consciousnessEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol VI, Iss 1 (2012)
institution	DOAJ
collection	DOAJ
language	DE EN FR
topic	Global imbalances Lucas Paradox Twin-deficit hypothesis Nash equilibrium Dynamics of self-consciousness Economics as a science HB71-74
spellingShingle	Global imbalances Lucas Paradox Twin-deficit hypothesis Nash equilibrium Dynamics of self-consciousness Economics as a science HB71-74 Célestin Monga The Hegelian dialectics of global imbalances
description	Traditional narratives of external imbalances have focused on the analysis of national accounts, trade flows, and financial flows. They have generated two opposing views of the current situation of the world economy: on one side, a prudent, if not pessimistic view considers large imbalances as evidence of problems with the international monetary and financial system, and symptoms of domestic distortions (mainly in the United States and China). On the other side, a relaxed, if not optimistic view suggests that global imbalances are not anomalies but simply the predictable outcome of a world with increasingly globalized financial flows in search of the right mix of risks and returns. This paper offers a critical analysis of these competing explanations of the United States-China imbalances and suggests a way of reconciling them. The paper uses Hegel’s parable of the development of self-consciousness to explain the dynamics between the two countries. Hegel may not have been a great philosopher of history but his study of lordship and bondage provides a good framework for analyzing the dialectics of recognition and acknowledgement that currently characterizes the macroeconomic relationships between the United States and China.
format	article
author	Célestin Monga
author_facet	Célestin Monga
author_sort	Célestin Monga
title	The Hegelian dialectics of global imbalances
title_short	The Hegelian dialectics of global imbalances
title_full	The Hegelian dialectics of global imbalances
title_fullStr	The Hegelian dialectics of global imbalances
title_full_unstemmed	The Hegelian dialectics of global imbalances
title_sort	hegelian dialectics of global imbalances
publisher	Editura ASE Bucuresti
publishDate	2012
url	https://doaj.org/article/58cd63f33b7e4f5f85423c4e7b6e23ad
work_keys_str_mv	AT celestinmonga thehegeliandialecticsofglobalimbalances AT celestinmonga hegeliandialecticsofglobalimbalances
_version_	1718402596230660096

The Hegelian dialectics of global imbalances

Ejemplares similares