Summers on Meltzer

[Rakesh Bhandari]

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.