Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

主流教科书经济学理论忽视资本流动：该理论认为贸易决定汇率与专业化分工格局。学界亟需充分考量资本流动影响的研究路径，并构建包含防范实体经济遭受外部波动性冲击措施的新型经济政策理论。教科书式均衡机制唯有在贸易顺差、逆差决定汇率的前提下才能生效。若要让正统贸易理论发挥作用，必须遏制资本流动破坏其理论根基的行为——而国际货币基金组织（IMF）与不当监管决策恰恰实施了此类行为，对生产与贸易造成了惩罚性损害。本文提出一种以实体经济为根基的全新理论，即一套管控资本流动与投机活动的新古典主义政策议程。