Published in Tokyo Club Papers, No 1 1988. Co-written with Stephen Thomsen for The Royal Institution of International Affairs (Chatham House)
“Despite widespread media attention to trade balance, international capital movements now dwarf trade flows. They receive less attention partly because they are more difficult to understand and partly because they are widely assumed to represent nothing more tangible than pools of funds shifted across the world’s computer screens by bankers and securities dealers.”
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Reproduced with permission of The Nomura Foundation (was Tokyo Club Foundation for Global Studies)