-Caveat Lector-
"M.A. Johnson" wrote:
>
> -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
Ooooooh scary! Socialism! Ooooooh!
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