Introduction -- Normative change from within -- Capital ideas and controls -- Capital controlled : the early postwar era -- The limits and hollowness of Keynesianism in the 1960s -- Formal change and informal continuity : the reform negotiations of the 1970s -- Capital freed : informal change...

The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the...