Summers on Meltzer
bhandari at phoenix.Princeton.EDU
Thu Mar 23 13:51:49 PST 2000
It seems that while Meltzer does not think the free flow of
capital is given to mania, panic and crash--Meltzer's glowing review of
Dow 36,000 also appears on the back of that book-- Summers understands the
danger and thus argues to retain some kind of international institution to
intervene in the inevitable crises. But isn't this a false debate? Both
are promoting Bhagwati's Treasury-Wall Street Complex while Summers
recommends retention of BWI institutions in opposition to capital controls
(or even Tobin taxes).
ps Robt Gilpin also seems to agree with Bhagwati that the forging of
several regional agreements seems not to be step towards a global or
multilateral trading order but to have become an end in themselves.
Notably, India and SubSaharan Africa have been left out of most of these
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