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How Europe Wrote the Rules of Global Finance

Having just returned from Paris (and now sitting in London), I was curious to read Rawi Abdelal’s thoughts on how Europe, particularly France, wrote the “rules” of global finance.

Key concepts include:
* European policymakers, particularly the French, created regulations and enforcement that govern the majority of the world’s capital flows.
* The U.S. has followed an ad hoc approach to capital liberalization, with no evidence it supported a liberal international financial regime.
* The trend toward liberalization and a lessening of capital controls on worldwide finance appears to be on the wane.


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