The Classical and Neoclassical theoretical traditions and the evolutionary study of the dynamics of globalization

Charis VLADOS

Abstract


Abstract. This article aims to present the theoretical foundations of the classical political economy through the contributions of Adam Smith and David Ricardo and to find out how their neoclassical followers interpreted, evaluated, and transformed this classical theoretical basis. Specifically, we analyze from a critical point of view the neoclassical interpretation of globalization by arguing that this theorization is probably insufficient in analytical terms. We conclude that an analytical counterproposal for the relative explanatory insufficiencies of the neoclassical synthesis is based on the modern evolutionary approach of globalization.

Keywords. Classical political economy, Neoclassical economics critique, Evolutionary approach, Globalization.

JEL. B12, F11, B52.

Keywords


Classical political economy; Neoclassical economics critique; Evolutionary approach; globalization.

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DOI: http://dx.doi.org/10.1453/jepe.v6i3.1941

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