The sound of drums grows louder

"We must curb international flows of capital," from the Financial Times. Think of the entrepreneurial rhetoric of the past decade, then read this:

If the risk-taking behaviour of financial intermediaries cannot be regulated perfectly, we need to find ways of reducing the volume of transactions. Otherwise we commit the same fallacy as gun control opponents who argue that “guns do not kill people, people do”. As we are unable to regulate fully the behaviour of gun owners, we have no choice but to restrict the circulation of guns more directly.

What this means is that financial capital should be flowing across borders in smaller quantities, so that finance is “primarily national”, as John Maynard Keynes advised. If downhill and uphill flows are both problematic, capital flows should be more level.

What does this mean for the future of social enterprise? I'll be talking about it at this weekend's StartingBloc Institute.