Re: [Pen-l] currency controls and crying capitalists (an FT article)

To: Progressive Economics <pen-l@xxxxxxxxxxxxxxxxxx>
Subject: Re: [Pen-l] currency controls and crying capitalists (an FT article)
From: "michael a. lebowitz" <mlebowit@xxxxxx>
Date: Thu, 21 May 2009 14:42:53 -0430
User-agent: Thunderbird 2.0.0.21 (Windows/20090302)

Jim,
Define 'work'. Define 'long run'. Why do you think the point about currency controls is to 'protect a currency's value'?
michael

On 21/05/2009 1:55 PM, Jim Devine wrote:

michael a. lebowitz wrote:

    My inclination is to think the recent Brazil-China agreement is
essentially symbolic but don't know anymore. In contrast, the currency
control tightening in Venezuela I referred to is real and is about to have
major impacts if the government doesn't blink.


Mike, do you think that currency controls can work in the long run
(assuming that capitalism persists)? Don't they encourage "black"
markets and currency smuggling? It seems like they are stop-gap
measures that protect a currency's value giving the government a
chance to deal with the fundamental problems that are threatening it.



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-- 
Michael A. Lebowitz
Professor Emeritus
Economics Department
Simon Fraser University
Burnaby, B.C., Canada V5A 1S6

Director, Programme in 'Transformative Practice and Human Development'
Centro Internacional Miranda, P.H.
Residencias Anauco Suites, Parque Central, final Av. Bolivar
Caracas, Venezuela
fax: 0212 5768274/0212 5777231
www.centrointernacionalmiranda.gob.ve
mlebowit@xxxxxx

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Follow-Ups:
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  - From: Jim Devine

References:
- [Pen-l] currency controls and crying capitalists (an FT article)
  - From: Sabri Oncu
- Re: [Pen-l] currency controls and crying capitalists (an FT article)
  - From: michael a. lebowitz
- Re: [Pen-l] currency controls and crying capitalists (an FT article)
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Thread context:
- [Pen-l] Timothy Burke on Jared Diamond, Louis Proyect Wed 20 May 2009, 12:55 GMT
- [Pen-l] currency controls and crying capitalists (an FT article), Sabri Oncu Wed 20 May 2009, 05:48 GMT
  - Re: [Pen-l] currency controls and crying capitalists (an FT article), michael a. lebowitz Thu 21 May 2009, 17:30 GMT
    - Re: [Pen-l] currency controls and crying capitalists (an FT article), Jim Devine Thu 21 May 2009, 17:54 GMT
      
      Re: [Pen-l] currency controls and crying capitalists (an FT article), michael a. lebowitz Thu 21 May 2009, 18:40 GMT
      
      Re: [Pen-l] currency controls and crying capitalists (an FT article), Jim Devine Thu 21 May 2009, 19:15 GMT
      
      Re: [Pen-l] currency controls and crying capitalists (an FT article), raghu Thu 21 May 2009, 19:35 GMT
- [Pen-l] currency controls and crying capitalists, michael a. lebowitz Wed 20 May 2009, 03:21 GMT
- [Pen-l] a good look, Dan Scanlan Wed 20 May 2009, 02:40 GMT

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