The conference will concentrate on financial liberalisation in terms of its past performance, current and future developments. We have a paper on the past record of financial liberalisation, and one on future policies of regulation in terms of de-financialisation and another on capital controls. There are also contributions on current policies in specific and group of countries, developed, developing and emerging ones. One paper on the impact of financial repression on current account completes the list of contributions. A main focal point of all eight papers is to analyse the emergence and implications of the financial liberalisation period and how to proceed in terms of the future.
The conference will be held under the aegis of the The Cambridge Trust for New Thinking in Economics and is intended to explore further the contributions to New Thinking in Economics - 'New Economics' - as the new mainstream. New Economics is concerned with institutional behaviour, expectations and uncertainty as opposed to traditional economics with its emphasis on equilibrium, mathematical formalism and deterministic solutions. With the financial crisis brought on by the unrestrained pursuit of personal and corporate profit, sanctioned by traditional economics, this is an opportune time to establish a new way of approaching economic understanding, based on new economic theory. It is also a good time to bring forward new ideas on the approach to economic policy across a wide range of areas (for example, macroeconomic and global governance, employment and unemployment, social security and pensions, as well as environmental issues).
New thinking in economics is an interdisciplinary approach to economic problems that acknowledges and respects the insights and analysis of other disciplines, e.g. those of political science, ethics, history and engineering. It also recognises complexity and evolutionary theory as relevant to understanding economic systems and economic behaviour.
We wish to emphasise the new thinking in economics that goes beyond the traditional approach, which arguably is no longer mainstream economics.