Economic Theory and Globalization

Abstract

What do the economic theories of thought-leaders in economics, such as Smith, Keynes, Marx and Schumpeter, tell us about globalisation in the twenty-first century? Great economic theories have provided a narrative of how society should work in all its aspects, and can offer renewed usefulness for today’s society. Each economic theory is presented for easy access, readability and simplicity; explaining the criticism a particular theory poses against its own contemporary environment, such as the poverty produced by Manchester capitalism in Marx, and then applying those historical lessons to our current time. Should some economic theories be left sitting on a shelf, safely without any impact on us, or do some great economic ideas still have something to contribute to the grand quest for a more just society in its many interpretations?.