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Capital moves more rapidly across national borders now than it has in at least fifty years and perhaps in history. This article examines the effects of capital mobility on different groups in national societies and on the politics of economic policymaking. It begins by emphasizing that while financial markets are highly integrated within the developed world, many investments are still quite specific with respect to firm, sector, or location. It then argues that contemporary levels of international capital mobility have a differential impact on socioeconomic groups. Over the long run, increased capital mobility tends to favor owners of capital over other groups. In the shorter run, owners and workers in specific sectors in capital-exporting countries bear much of the burden of adjusting to increased capital mobility. These patterns can be expected to lead to political divisions about whether or not to encourage or increase international capital market integration. The article then demonstrates that capital mobility also affects the politics of other economic policies. Most centrally, it shifts debate toward the exchange rate as an intermediate or ultimate policy instrument. In this context, it tends to pit groups that favor exchange rate stability against groups that are more concerned about national monetary policy autonomy and therefore less concerned about exchange rate stability. Similarly, it tends to drive a wedge between groups that favor an appreciated exchange rate and groups that favor a depreciated one. These divisions have important implications for such economic policies as European monetary and currency union, the dollar-yen exchange rate, and international macroeconomic policy coordination.

Examines the effects of capital mobility on different groups in national societies and on the politics of economic policymaking.

In dem Bericht werden interne Schwierigkeiten alternativer Gruppen untersucht, an denen die politische Wirksamkeit nach außen häufig scheitert. Machtkonflikte, Unverbindlichkeit, Fluktuation, Kurzlebigkeit, Motivationsschwund, Leitungskonflikte, Spaltung, Aktionismus u.ä. Anhand der Entwicklung einer politischen Fortbildungsgruppe werden die Ursachen solcher Schwierigkeiten nachvollzogen und Wege ihrer Überwindung beschrieben.

During the 1930's, as a young Yiddish poet in New York, YehudaLeyb Teller produced some of the memorab1e pre-war poetry of his generation.Like the introspectivist writers who inspired him, Teller was increasingly aware of politica1 deve10pments in Europe. Thepoetic cyc1e entit1ed "Psychoana1ysis," one of Teller's most outstandingaccomp1ishments, fuses real and imaginary dimensions. Twoof the six "Psychoana1ysis" poems confront Sigmund Freud and thesituation of the European Jews.

This essay has presented a framework for the analysis of economic factors in political relations between developed and developing areas. The most relevant considerations in this regard are the potential costs of imperial intervention in enhancing the return to metropolitan economic interests, and the potential benefits that intervention might bring to these interests. The essay has emphasized the differential political implications of various types of metropolitan economic activity, and especially of different forms of foreign investment.