Democracy is more suited to operation of capital controls than to free movement of capital, because when governments are elected to serve the people and capital can flow freely, capital arbitrages away the government's ability to deliver (e.g., threatening to leave if taxes rise), giving capital veto power over democracy.

normativepending

Speaker

Russell Napier

Evidence Quote

[48:13] Capital controls suit democracy better than free flows

Source

Russell Napier. Twenty One Lessons from Financial History for the Way We Live Now.LoM
Created: 8/10/2026, 9:57:50 PM

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