We Don't Need Controls On Global Capital

Is the Asian financial crisis actually a crisis of global capitalism? To a growing chorus, including Japan's Vice-Minister of Finance Eisuke Sakakibara, hedge fund manager George Soros, and Malaysia's Prime Minister Mahatir, the answer is "yes." They believe there is a need for a new "architecture" of global financial institutions to govern capitalism today. They argue that globalization has unleashed uncontrollable amounts of capital that swamp national economies, destroying growth and jobs in their wake. Bolstering the International Monetary Fund is necessary but not sufficient. New institutions, laws, and taxes must be created to tame global capital.

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