Bourgeois Prescriptions

portfolio version of the monetarist approach, the stress on stock-adjustment of financial assets (national and foreign currency bonds) indicates the significance of the magnitude, composition and relative prices of the different financial assets. Finally, the structural parameters of the prevailing pattern of commodity and capital flows are, in some analysis, of crucial importance in explaining the turn of events in the world economy (as is evident from the writings in the structuralist tradition dwelling on North- South relations or on the inbuilt pattern of imbalances within the North. A good example of the latter is the de-industrialisation thesis advanced by some Cambridge economists in recent years. The recent stagnation in the British economy can be explained, in terms of this reasoning, by the prevailing structure of world trade and payments).