This view is gradually being accepted in some of the work taking place currently in the international arena, so I am hopeful we will see increased disclosure by all market participants over the coming couple of years. The context of the debate: Globalisation Given the complexity of the issues, it has been disappointing that much of the debate has been driven by ideology.
Specifically, ideology seems to add a special piquancy to the debate on capital flows. The argument here is reminiscent of similar debates on “free floating” for the exchange rate: “free”, in this context, has the same connotation as “the free world” or “free speech”, i.e. indisputably a Good Thing. Absence of any rules seems to be a particular virtue.