Rethinking the economics of capital mobility and capital controls

This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

Certificate for One Thousand Shares of Capital Stock in Lincoln-Nipissing Development Co. Ltd.

Certificate for 1,000 shares of capital stock in Lincoln-Nipissing Development Co. Ltd. to Hamilton K. Woodruff, Feb. 21, 1907.

Certificate for One Share of Capital Stock in St. Catharines Golf Club Ltd.

Certificate for 1 share of capital stock in St. Catharines Golf Club Ltd. to Dr. Thos. Woodruff, April 15, 1911.

Certificate for One Share of Capital Stock in the Lincoln County Greater Production Company

Certificate for 1 share of capital stock in the Lincoln County Greater Production Company to Hamilton K. Woodruff, Jan. 20, 1919.

Certificate for Six Shares of Capital Stock in Gove Motor Car Company, Detroit, Michigcan

Certificate for 6 shares of common capital stock in Gove Motor Car Company, Detroit, Michigan to Hamilton K. Woodruff, June 13, 1921.

Certificate for Two Shares of Preferred Capital Stock in Gove Motor Car Company, Detroit, Michigan

Certificate for 2 shares of preferred capital stock in Gove Motor Car Company, Detroit, Michigan to Hamilton K. Woodruff, June 13, 1921.

Certificate for Two Shares of Capital Stock in The Henley Aquatic Association Limited

Certificate for 2 shares of capital stock in Henley Aquatic Association Limited to Hamilton K. Woodruff, Oct. 15, 1921.

Certificate for Ten Shares of Accumulative Preference Capital Stock in Lincoln Manufacturing Company Limited

Certificate for 10 shares of accumulative preference capital stock in Lincoln Manufacturing Company Limited to Hamilton K. Woodruff, April 10, 1923.

Certificate for Twenty Shares of Accumulative Preference Capital Stock in Lincoln Manufacturing Company Limited

Certificate for 20 shares of accumulative preference capital stock in Lincoln Manufacturing Company Limited to Hamilton K. Woodruff, April 14, 1923.

Certificate for Ten Shares of Accumulative Preference Shares of Capital Stock in Lincoln Manufacturing Company Limited

Certificate for 10 shares of accumulative preference shares of capital stock in Lincoln Manufacturing Company Limited to Hamilton K. Woodruff, July 4, 1923.

Certificate for Eight Shares of Capital Stock in Insurance Investments Limited

Certificate for 8 shares of capital stock in Insurance Investments Limited to Hamilton K. Woodruff, Aug. 12, 1929.

Certificate for Twenty Shares of Capital Stock in Skyway Limited

Certificate for 20 shares of capital stock in Skyways Limited to Hamilton K. Woodruff, Sept. 2, 1929.

Certificate for Fifty Shares of Capital Stock Skyways Limited

Certificate for 50 shares of capital stock Skyways Limited to Hamilton K. Woodruff, Jan. 31, 1930.

Certificate for One Share of Capital Stock in St. Catharines Lawn Bowling Club

Certificate for 1 share of capital stock in St. Catharines Lawn Bowling Club to executors of the estate of Hamilton K. Woodruff, Dec. 23, 1933.

Certificate for Twenty Shares of Capital Stock in The Tait Storage Battery Company, Limited

Certificate for 20 shares of capital stock in The Tait Storage Battery Company Limited to the estate of Hamilton K Woodruff, March 2, 1934.