Summers on Meltzer

Rakesh Bhandari 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).

Yours, Rakesh 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 regional agreements.

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