An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, January 31, 2014
Kevin Gallagher on capital controls in developing countries
Letter to the editor of The Financial Times recommending capital controls in EMs.
"Wherefore our citizens, as we say, should have a coin passing current among themselves, but not accepted among the rest of mankind; with a view, however, to expeditions and journeys to other lands-for embassies, or for any other occasion which may arise of sending out a herald, the state must also possess a common Hellenic currency.
If a private person is ever obliged to go abroad, let him have the consent of the magistrates and go; and if when he returns he has any foreign money remaining, let him give the surplus back to the treasury, and receive a corresponding sum in the local currency." Plato, Laws, c 360BC
Looks like our non-moron ancestors thought it a good idea also...
"Wherefore our citizens, as we say, should have a coin passing current among themselves, but not accepted among the rest of mankind; with a view, however, to expeditions and journeys to other lands-for embassies, or for any other occasion which may arise of sending out a herald, the state must also possess a common Hellenic currency.
ReplyDeleteIf a private person is ever obliged to go abroad, let him have the consent of the magistrates and go; and if when he returns he has any foreign money remaining, let him give the surplus back to the treasury, and receive a corresponding sum in the local currency." Plato, Laws, c 360BC
Looks like our non-moron ancestors thought it a good idea also...
rsp,