The System, Revisited
Four years ago, I cobbled together a picture of how I understand unfettered international trade works:
Here is a different analogy for the need to moderate capital flows:
Just as an incompetent manager - or a wicked ruler - thinks that the solution to all difficulties is to acquire more power, so corporations think all they need is to be able to move money in and out of countries as fast as thought, without any concession to local interests. This works insanely well for a few, for a while - a long while, even - but carries with it the danger of systemic instability.
Where are the rich Mayans now?
GATT, TTIP, TPP, TiSA... all aimed at bursting the gates and bulkheads.
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