Mercantilism, Capital Accumulation, and Economic Development in the (National) Monetary Production Economy

Abstract

The central thesis of the essay is that a successful process of national capitalist development in a world market characterized by the existence of multiple national currencies and divided in the hegemonic developed countries of the First World and the underdeveloped dependent countries of the Third World (and the Second World) requires a mercantilist strategy of economic development in conformity with the monetary logic of capitalism. The thesis rests on the context of the heterodox monetary-keynesian conception of capitalism in so far as a monetary production economy.

Note: Downloadable document is in Spanish.

Keywords: Absolute advantage, accumulation, capitalism, dependency, economic development, Keynes, mercantilism, money, monetary keynesianism, Riese, currency undervaluation, world market

JEL Classification: E12, E22, E50, E60, F43, F54