This paper reviews the treatment of open economy issues in Paul Davidson's book, iJohn Maynard Keynes/i. Davidson aptly summarizes Keynes's criticism of the international monetary system for the asymmetric "burden of adjustment" it places on deficit countries compared with surplus countries,...

In this chapter, we analyze the expectations and the realities about the economic impact of NAFTA on Mexico in terms of economic convergence, trade, investment, employment, wages, and income distribution. We show that NAFTA has basically failed to fulfill the promise of closing the Mexico-U.S....