Jim,
Define 'work'. Define 'long run'. Why do you think the point about
currency controls is to 'protect a currency's value'?
michael
On 21/05/2009 1:55 PM, Jim Devine wrote:
michael a. lebowitz wrote:
My inclination is to think the recent Brazil-China agreement is
essentially symbolic but don't know anymore. In contrast, the currency
control tightening in Venezuela I referred to is real and is about to have
major impacts if the government doesn't blink.
Mike, do you think that currency controls can work in the long run
(assuming that capitalism persists)? Don't they encourage "black"
markets and currency smuggling? It seems like they are stop-gap
measures that protect a currency's value giving the government a
chance to deal with the fundamental problems that are threatening it.
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Michael A. Lebowitz
Professor Emeritus
Economics Department
Simon Fraser University
Burnaby, B.C., Canada V5A 1S6
Director, Programme in 'Transformative Practice and Human Development'
Centro Internacional Miranda, P.H.
Residencias Anauco Suites, Parque Central, final Av. Bolivar
Caracas, Venezuela
fax: 0212 5768274/0212 5777231
www.centrointernacionalmiranda.gob.ve
[email protected]
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