The starting point should accept the benefits of capital flows and the power of markets in allocating resources, but should also recognise that in just about every domestic market there are (often extensive) “rules of the game” and market infrastructure: what is needed now is a similar set of rules of the game for international flows.
And there should be no presumption that the Electronic Herd should, alone, set the specifications of the Golden Straitjacket. There are tricky issues here – for example, the handling of intellectual property rights will determine how the benefits are shared between creator and user.