The state and the market, their functions and failures in the history of economic development thought

Article Abstract:

Keywords: Economic theory, Developing countries, Development, Economic growth What is usually called development economics is a body of economic thought which emerged during the 1940s. This body of thought, which started in the works of writers such as Paul Rosenstein-Rodan, Nurske, Kuznets and many more, began not as a formal theoretical component of economic theory, but as a practical subject matter and advice to policy makers and governments in underdeveloped countries for the purpose of reducing poverty and backwardness. Among the earliest works in this branch of economics we can name Paul Rosenstein-Rodan's "Problems of Industrialization of Eastern and Southern Europe," (Economic Journal, 1943), Eugene Stanley's World Economic Development (1944), and Kurt Mandelbaum's Industrialization of Backward Areas (1947).

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The day of the merchant: a comment on economic thought in a national order

Article Abstract:

Keywords: Economic theory, History, Balance of payments, International trade This paper is an attempt to characterize, by way of a brief comment, economic thought in the "national order" of mercantilism. The comment, first, contains a sketch of the national order. It, second, provides a glimpse into the world of the seventeenth century London merchant, Thomas Mun, in a summary of his life and in a review of his central economic ideas. And, third, the paper serves up a concluding statement on the nature of this nationalistic economic doctrine.

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Economic sanctions: obstruction or instrument for world trade?

Article Abstract:

Keywords: Free trade, Economic theory, Globalization, World economy, USA Economists have long extolled the benefits of free trade. Recent use of unilateral sanctions in international affairs threatens the trend toward an open world economy and endangers the very foundations of free trade. This paper addresses the issues of economic sanctions, their motives and their consequences in the global marketplace. In addition, the paper suggests a framework to minimize the impact of sanctions in the world economy.

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