The same thing that happened with international capital mobility also happened domestically inside the USA, for every single day of the USA's existence it had effective internal capital flow inhibitors until the were mostly done away with between the latter 1970s and mid 1980s and this has had very deleterious economic, scientific and engineering, and social effects, while have little to no benefit beyond the small minority of the population who benefited from the financialization of the economy.
Very thoughtful piece (found you via Arnold Kling).
Global Criminal Patronage for unemployable college grads.
The same thing that happened with international capital mobility also happened domestically inside the USA, for every single day of the USA's existence it had effective internal capital flow inhibitors until the were mostly done away with between the latter 1970s and mid 1980s and this has had very deleterious economic, scientific and engineering, and social effects, while have little to no benefit beyond the small minority of the population who benefited from the financialization of the economy.