The swing of ideologies at the international level about the philosophy of capital controls is clear. Now, all those who matter at the international level are supporting a view that policy-makers around the world should control the flow of capital in their countries. An additional supporting hand is now extended to policy-makers in India by the Anna Hazare-type of the Lok Pal Bill agitations, which may stall foreign direct investments in India. Only time will show us the long-term effect of this on the relevance of public policies for capital controls.
Chandrashekhar G Ranade, Washington DC
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