Of all the objections that have been raised against globalisation - including its alleged damage to income equality, workers' rights, democracy and the environment - none is even remotely as compelling as the devastating periodic havoc wreaked by currency crises in developing countries.

Economists with the most impeccable pro-globalisation credentials, such as the Financial Times' Martin Wolf and my colleague, Jagdish Bhagwati, acknowledge capital flows as theAchilles heel of globalisation. Mr Wolf has argued that, thus far, the gains of integrating emerging markets into world capital markets "have been questionable, and the costs of crises enormous". Mr Bhagwati has criticised "hasty and imprudent financial liberalisation". I would like to say they are wrong, given that any justification for capital controls can appear to be a concession to otherwise misguided anti-globalisers. But they are right.