Tension is growing between the interests of part of the middle classes that are in decline in the mature economies and the rising ones in emerging markets. The aim of the public policies proposed in this paper is to impede such a clash by avoiding protectionism and de-globalisation, fostering...

type="main" xml:id="twec12131-abs-0001" <title type="main">Abstract</title> <p>The global financial crisis has shown that the current international monetary system (IMS) suffers from an inherent flaw: it depends on US current account deficits for the provision of global liquidity. Under this arrangement, peripheral countries...</p>