The twist is this: that there was no formal capital account liberalisation preceding the global financial crisis.
Instead, there was – well, let's call it a shadow liberalisation.
With poverty and inequality increasingly of concern in countries rich and poor, we should together seize the opportunity to tackle financial secrecy – both to guard against the instability that threatens economic progress, and to curtail the tax evasion and corruption that undermine our states and actions to reduce poverty.
I am a Ghanaian development economist, who has been active in international development for over 20 years; as a researcher and lecturer, as an NGO activist and development professional in several parts of the world. Working with others, I co-founded several development organisations around the world, including the Third World Network, ISODEC and the Centre for Public Interest Law in Ghana. Heading the United Nations Millennium Campaign in Africa, till December 2014. I currently head Savannah Accelerated Development Authority (SADA), Ghana.