The capital myth: the difference between trade in widgets and dollars
J Bhagwati - Foreign affairs, 1998 - JSTOR
J Bhagwati
Foreign affairs, 1998•JSTORThe Capital Myth: The Difference between Trade in Widgets and Dollars Page 1 The Capital
Myth The Difference between Trade in Widgets and Dollars Jagdish Bhagwati In the aftermath
of the Asian financial crisis, the mainstream view that domi nates policy circles, indeed the
prevalent myth, is that despite the striking evidence of the inherently crisis-prone nature of freer
capital movements, a world of full capital mobility continues to be inevitable and immensely
desirable. Instead of maintaining careful restrictions, we are told, the only sensible course is to …
Myth The Difference between Trade in Widgets and Dollars Jagdish Bhagwati In the aftermath
of the Asian financial crisis, the mainstream view that domi nates policy circles, indeed the
prevalent myth, is that despite the striking evidence of the inherently crisis-prone nature of freer
capital movements, a world of full capital mobility continues to be inevitable and immensely
desirable. Instead of maintaining careful restrictions, we are told, the only sensible course is to …
The logic of free trade does not apply to currency convertibility, as the Asian currency crisis should have made clear.
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