The writer is a senior fellow of the Carnegie Endowment for International Peace.
One of the precepts of laissez faire globalisation — that unimpeded capital flows are a good thing — should be questioned more.
In a recent piece, Martin Wolf suggested that if the US is interested in a policy to reduce its trade imbalance, “the obvious one would not be tariffs but a tax on capital inflows”. But while he is certainly right, many economists oppose taxing capital inflows on the grounds that it would raise the cost of capital for American businesses and increase borrowing costs for the US government.
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