Free capital movements played an important part in the economic
integration and globalisation of the nineteenth century. By the end
of the century capital flows were on a remarkable scale. The modern
use of capital controls dates back to the 1930s. Professor Capie
analyses historical experience with capital controls, in Britain
and elsewhere, and reviews the theory. He concludes that such
controls are damaging and that there is no case for reviving them,
as some economists have suggested and as anti-globalisers would
wish. Capital mobility improves the worldwide allocation of
resources, channelling resources to their most productive uses.
Controls on capital movements result in dead weight losses and
bureaucratic costs. They are difficult to remove and they damage
the credibility of the government's commitment to a market economy.
General
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