Reviving classical liberalism
Sweeping through 2,000 years, Deepak Lal performs the vital task of making history relevant for contemporary world. I look at Prof Lal's " Reviving the Invisible Hand: The case for classical liberalism in the twenty-first century " in the Financial Express, on 23 July 2006. The trade negotiations at WTO are stalled. Clearly, ten years on, the multi-lateral platform provided by WTO has run out of steam. The focus has shifted to bilateral or regional trade talks, but this is fraught with many pitfalls. So, a few people, including this author, have been calling for unilateral trade liberalisation and economic reforms as a way to capitalise on the economic follies of nations who prefer protectionism. It is perhaps a coincidence that Deepak Lals latest book Reviving the Invisible Hand: The case for classical liberalism in the twenty-first century appeared at this time. Lal, a renowned development economist, has given a clarion call for unilateral trade and economic reforms. S...