Re: The Economy IS The Colateral Damage of War on Terrorism.

[Gunnar Tómasson <gunnar.tomasson@xxxxxxxxxxx>]

Agree.

The case for Free Trade is as strong as that for Freedom of Capital
Movements is weak.

The conceptual flaw resides in the co-mingling of the two, as in the
revision of the IMF's Articles of Agreement approved at its Annual Meeting
in Hong Kong several years ago whereby removal of restrictions on Capital
Account transactions were made part of the IMF's "purposes".

Gunnar



----- Original Message -----
From: "J. Barkley Rosser, Jr." <rosserjb@xxxxxxx>
To: "Gunnar Tómasson" <gunnar.tomasson@xxxxxxxxxxx>
Cc: "Post Keynesian Thought" <pkt@xxxxxxxxxxxxxxxx>
Sent: Friday, December 07, 2001 11:28 AM
Subject: Re: The Economy IS The Colateral Damage of War on Terrorism.


>      I would suggest that free trade should be
> kept distinct from free capital movements.
> The arguments for free trade remain fairly
> strong, and I would assert that the burden of
> proof is on those who favor protectionism in
> any particular case, with a strong case needing
> to be made.
>       Unfortunately, many so-called free trade
> agreements are really just stalking horses for
> agreements that involve opening up the capital
> accounts of countries for free capital movements.
> This is not the same as free trade, and there are
> many good reasons to be very skeptical about this.
> I am personally sympathetic with the stance of
> Jagdish Bhagwati of Columbia University who
> strongly supports free trade while supporting
> restrictions on capital movements.
> Barkley Rosser
> ----- Original Message -----
> From: "Gunnar Tómasson" <gunnar.tomasson@xxxxxxxxxxx>
> To: "pdavidso" <pdavidso@xxxxxxx>; "Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>
> Cc: <pkt@xxxxxxxxxxxxxxxx>
> Sent: Thursday, December 06, 2001 8:01 PM
> Subject: Re: The Economy IS The Colateral Damage of War on Terrorism.
>
>
> > Henry is right on target in this respect:
> >
> > "Free trade and market fundamentalism are conceptually flawed."
> >
> > As for his conclusion that
> >
> > "their supporters are also dishonest,"
> >
> > perhaps he did not factor 'dumb' into the equation.
> >
> > Gunnar
> >
> >
> > ----- Original Message -----
> > From: "pdavidso" <pdavidso@xxxxxxx>
> > To: "Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>
> > Cc: <pkt@xxxxxxxxxxxxxxxx>
> > Sent: Thursday, December 06, 2001 4:41 PM
> > Subject: Re: The Economy IS The Colateral Damage of War on Terrorism.
> >
> >
> > > >===== Original Message From "Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>
> =====
> > > >
> > >
> > > >Increasingly, free market globalization for the advanced economies is
> > > >openly a game of head I win, tails you lose.
> > > >Free trade and market fundamentalism are not only conceptually
flawed,
> > > >their supporters are also dishonest.
> > >
> > >
> > > I tend to agree with most things Henry posts on the net -- but I do
not
> > think
> > > free traders-- at least the economists who advocate free trade (I can
> not
> > > speak about the business community)-- are dishonest; I just think they
> > worship
> > > a false god (model).
> > >
> > > Paul
> > >
> > > Paul Davidson
> > > University of Tennessee
> > > SMC 523
> > > Knoxville, Tennessee 37996-0550
> > > phone # (865)9744221; fax # (865)974-1686; email pdavidson@xxxxxxx
> > >
> > >
> >
> >
>
>