A world in which different sovereigns regulate finance in diverse ways requires traffic rules to manage the intersection of separate national policies. The assumption that all countries will converge on the ideal of free capital mobility diverts us from the hard work of formulating those rules.
不同主权国家以不同方式监管金融的世界需要交通规则以管理相互独立的国家政策之间的交汇。所有国家都会向自有资本流动的理想状态聚拢的假设会将我们的注意力从努力设计这些规则上移开。