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Yes, large exit taxes on international capital movements would have to be introduced. Stiglitz mentions them as a sound policy in the wake of the 1997 Asian currency crisis. He strongly criticises capital market liberalisation and rallies against "the ideology of Market Fundamentalism" (his wording, not mine) in the IMF and the US Tresury. (He forgot the EU Commission, but his book was written during the Prodi years so it wasn't that obvious)

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Sep 19th, 2008 at 07:44:01 AM EST
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