Introduction

This introduction presents an overview of the key concepts covered in the subsequent chapters of this book. The book attempts to apply moral radical economic thinking to global trade and finance. It demonstrates that David Ricardo's theory of "comparative advantage", foundational justification for free trade (FT) in most introductory economics and general political economy texts, does not in fact provide a justification for free trade. The book formulates and applies an "analytical Marxist" unequal exchange (UE) international trade model that draws on modern formulations of Marxist theory that do not depend on a precise "labor theory of value" or algorithm linking prices to "labor values". It analyzes the post-2008 economic condition of US in a general developed country context that takes into account the impacts of both FT and manufacturing productivity growth, and outlines jobs, trade, and industrial policies that would be necessary to revive the US economy and redirect it toward supporting sustainable and equitable broad-based prosperity.