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A Macroeconomic Analysis of Transnational Corporations in a Monetary Theory of Production


Marc Pilkington


University of Burgundy

2007

Proceedings of the SUNY Cortland Conference on Globalization and Its Discontents, NY, USA, pp. 148-73, June 2007

Abstract:     
This paper aims to put forward an original conceptual framework and a renewed perspective on monetary analysis applied to transnational corporations based on some of the views of Bernard Schmitt developed over the last forty years. After reviewing the terminological principles of the theory of money emissions, we show that Bernard Schmitt's theoretical insights have enabled the successful integration of money and output at the conceptual level along the lines of a Keynesian monetary theory of production. We then examine the issue of the definition of the transnational corporation and its exponential rise in the world economy with regard to the globalisation process. Finally, the inclusion of transnational corporations in the theory of money emissions allows us to redefine transnational production as an additional conceptual level in monetary macroeconomics, with far-reaching implications as far as the monetisation of transnational production and the subsequent reform of international payments are concerned.

Number of Pages in PDF File: 14

Keywords: transnational corporation, theory of money emissions, monetary macroeconomics, globalisation, international payment

JEL Classification: E00, E19, E40, E50, E59

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Date posted: November 22, 2007 ; Last revised: August 12, 2010

Suggested Citation

Pilkington, Marc, A Macroeconomic Analysis of Transnational Corporations in a Monetary Theory of Production (2007). Proceedings of the SUNY Cortland Conference on Globalization and Its Discontents, NY, USA, pp. 148-73, June 2007. Available at SSRN: http://ssrn.com/abstract=1031757

Contact Information

Marc Pilkington (Contact Author)
University of Burgundy ( email )
2 Bd Gabriel
B.P. 26 611 21066 DIJON Cedex
France
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