Some Aspects of the Theory of Economic Policy in a World of Capital Mobility*
Professor Marco Fanno’s best-known contribution to the English literature of economics is his monograph on Normal and Abnormal International Capital Transfers.1 That monograph brought contemporary economic theory to bear on the economic effects of and policy problems raised by the abnormal capital movements – both intergovernmental and private – that plagued the interwar years and ultimately destroyed the international economic system that had evolved during the long period of peace before the First World War. Since Professor Fanno wrote, the international economic system has been reconstructed on lines in many respects parallel to those of the period with ...
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