But there is still evidence of less than full arbitrage of risk-adjusted rates of return on a worldwide basis. This suggests the potential for a far larger world financial system than currently exists.
If we can resist protectionist pressures in our societies in the financial arena as well as in the BIS Review 94/1997  -3-  interchange of goods and services, we can look forward to the benefits of the international division of labor on a much larger scale in the 21st century.