Professor Terrence McDonough:

It is interesting. We have forgotten that in the post-Second World War period, almost all countries had rather tight restrictions on capital flow. This was one of the bases for the rapid growth in standards of living. Controlling capital flows is not inconsistent with economic growth. Regarding the impact of higher taxation on employment, it is not so much the level of taxation as the level of organisation, innovation, participation and democratic commitment to the productive activities in society that determine the level of employment growth. Higher wages would lead to higher demand and more employment.