Wednesday, July 6, 2016

Bill Mitchell — Why capital controls should be part of a progressive policy

I am in the final stages of completing the manuscript for my next book (this one with co-author, Italian journalist Thomas Fazi) which traces the way the Left fell prey to what we call the globalisation myth and started to believe that the state had withered and was powerless in the face of the transnational movements of goods and services and capital flows. Accordingly, social democratic politicians frequently opine that national economic policy must be acceptable to the global financial markets and compromise the well-being of their citizens as a result. In Part 3 of the book, which we are now working on, we aim to present a ‘Progressive Manifesto’ to guide policy design and policy choices for progressive governments. We also hope that the ‘Manifesto’ will empower community groups by demonstrating that the TINA mantra, where these alleged goals of the amorphous global financial markets are prioritised over real goals like full employment, renewable energy and revitalised manufacturing sectors is bereft and a range of policy options, now taboo in this neo-liberal world, are available. Today, I discuss capital controls….
Bill Mitchell – billy blog
Why capital controls should be part of a progressive policy
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia


Random said...


Tom Hickey said...

Remember this is about persuasion more than reason (ht Scott Adams). Trump has a record of bankruptcies. He has been freewheeling with debt and cavalier about strategic default and bankruptcy. Clinton is clubbing him with them. Default and bankruptcy are not in fashion with most "mericans. It's a problem for his image as POTUS if many people come to view him as a deadbeat or wheeler-dealer rather than a straight-shooter.

Ryan Harris said...
This comment has been removed by the author.
Matt Franko said...

UH OH!!!!

"xenophobia!" ALERT ALERT ALERT!!!

here is Bill from today:

"The Eurozone is still crippled by its flawed monetary design and in more recent years the migrant issue has come over the top to reinforce this malaise."

"xenohobia!!!!! xenophobia!!!!!"

John said...

Matt, where's the issue? Bill's quite right. The EZ is at best flawed and at worst catastrophic. I wouldn't however call it a migrant crisis- the vast majority of these people are refugees. But it makes for good psychology to call refugees something else so that you don't feel the moral and legal obligation to aid refugees.

Yet how does Europe respond to a refugee crisis caused in some part or the most part by its actions? They let thousands of men, women, children and even babies drown in the Mediterranean. They erect razor wire and pen them in like animals. They herd them into dreadful camps with near unliveable conditions. Their politicians spread disgusting propaganda that they're on their way to kill and rape us. They refuse to take any responsibility and demand that these desperate people escaping war are taken in by countries in the region who in some case have seen their populations increase by as much as twenty percent and do not have the infrastructure or resources to cope. What a grotesque spectacle it all is. At least it lays to rest that awful self-congratulatory lie that we have always been welcoming to refugees. It also proves without any doubt how heartless and inhumane we are.