-Caveat Lector-
nurev forwarded:
THE CASE FOR CAPITAL CONTROLS
by Paul Davidson
In this decade there has been an international currency
crisis every two to three years: the European Monetary
System crisis in 1992, the Mexican peso crisis of 1994-5
and the 1997-98 Asian and Russian debacles. Does this
periodic breakdown of international capital markets mean
that the movement towards liberalizing capital markets
started in the 1970s gone too far? Have international
financial markets become so fragile as to threaten the
economic health of the global economy?
Understanding the role of financial markets and the
policy stance that should be applied depends on the
underlying economic theory that one explicitly, or
implicitly, relies on. There are two major theories
of financial markets: (1) the efficient market theory
and (2) Keynes's liquidity theory. The logic of the
former inevitably leads to a laissez-faire policy, while
the latter recommends some form of capital regulation.
MJ:
This begins by asking whether or not the Government interventionist
policies create problems ... and then suggest they should be
more involved. Certainly enlightening.
As for Keynes, perhaps _The Critics of Keynesian Economics_ edited
by Henry Hazlitt would be a good start.
Regard$,
--MJ
The American people will never knowingly adopt socialism. But,
under the name of 'liberalism', they will adopt every fragment
of the socialist program, until one day America will be a
socialist nation, without knowing how it happened.
-- Norman Thomas, U.S. Socialist Presidential candidate
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