1/6
This is pretty worrying. The justification for open capital markets is that, left to their own devices, investors will mostly seek out ways to shift capital from less productive to more productive uses and, in so doing, will end up raising global...
ft.com/content/f9b94a…
This is pretty worrying. The justification for open capital markets is that, left to their own devices, investors will mostly seek out ways to shift capital from less productive to more productive uses and, in so doing, will end up raising global...
ft.com/content/f9b94a…
2/6
productivity and wages. There would be some speculative capital in this case, but it would be relatively limited and, because it would increase liquidity and help disseminate information quickly, it would serve mainly to grease the wheels of those fundamental investors...
productivity and wages. There would be some speculative capital in this case, but it would be relatively limited and, because it would increase liquidity and help disseminate information quickly, it would serve mainly to grease the wheels of those fundamental investors...
3/6
who allocate capital to its most economically efficient use.
It is pretty hard to watch these huge flows into and out of developing countries, and the speed with which they shift, and conclude that this is in fact what is happening. Instead the unfettered flow of capital...
who allocate capital to its most economically efficient use.
It is pretty hard to watch these huge flows into and out of developing countries, and the speed with which they shift, and conclude that this is in fact what is happening. Instead the unfettered flow of capital...
4/6
is largely speculative, serving mainly to exacerbate economic volatility in the affected countries, the costs and benefits of which are in turn distributed very asymmetrically between different economic sectors and classes, mainly based on their relative political strengths.
is largely speculative, serving mainly to exacerbate economic volatility in the affected countries, the costs and benefits of which are in turn distributed very asymmetrically between different economic sectors and classes, mainly based on their relative political strengths.
5/6
I would argue that reforming the system of international capital flows must be a fundamental part of any global renegotiation of the rules that govern international trade. While opposition from the financial sector may make it hard to implement, it shouldn't be very hard...
I would argue that reforming the system of international capital flows must be a fundamental part of any global renegotiation of the rules that govern international trade. While opposition from the financial sector may make it hard to implement, it shouldn't be very hard...
6/6
to design another set of rules under which trade and capital flows would serve economic productivity and wages better than the current system.
to design another set of rules under which trade and capital flows would serve economic productivity and wages better than the current system.
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