Free Flows of Capital | Join the Discussion | Print | PDF
Up for Debate: Free Flows of Capital

Globalization may be built on increased world trade, but the movement of money has accelerated faster yet in the last 10 years, propelled by financial market reforms and enabled by information technology.

Is the free movement of money inseparable from that of goods? Can a sustained globalization separate the two, with different principles for each? Is advocacy of open financial markets an act of faith or the lesson of experience?


Laura Tyson
Chair of the U.S. National Economic Council, 1993-1995

A former senior economic advisor to U.S. President Clinton, Laura Tyson observed that the push for free trade may have bled into too forceful a push for open capital markets.

Stanley Fischer
First Deputy Managing Director, International Monetary Fund, 1994-2001

Closely involved in crisis management as the second-ranking official of the IMF from 1994 to 2001, Stanley Fischer looked back on right and wrong ways to open capital markets.

Dr. Mahathir bin Mohamad
Prime Minister of Malaysia

Malaysia's long-serving prime minister Mahathir saw the risk that financial globalization could rapidly undo the benefits of trade-based globalization.

Lee Kuan Yew
Senior Minister of Singapore

In the push to liberalize capital markets worldwide, Singapore's senior minister Lee Kuan Yew saw a collision between faith and inexperience.

Free Flows of Capital | Join the Discussion | Print | PDF