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Showing posts with the label externalities

Tobacco: At the Cost of Liberty

May 31 is the World No-Tobacco Day. In recent months World Bank and the World health Organisation have led an orchestrated attack on tobacco in the name of public health concerns. The following article seeks to estimate the costs of this onslaught, and finds that what is at stake is individual liberty, personal preference and responsibility. A version of this paper titled War on "Tobacco: At the Cost of Liberty" was published in The Telegraph newspaper of Calcutta, on May 28, 2000. Earlier in the month, Liberty Institute released a book, War on Tobacco: At what Cost? It has two contributions, one by Prof. Deepak Lal, and the other is by Roger Scruton. The greatest political achievement of the 20th Century has been the empowerment of the citizen. It has been generally accepted that despite its many flaws, there is no better political instrument than democracy to enable the people to participate and decide how they should be governed. However, in parallel to this development ...

Free Trade Protects Environment

A version of this paper "Free Trade Protects Environment" appeared in The Asian Wall Street Journal on 23 November 1999 and The Wall Street Journal Europe on 26 November 1999. Are economic and environmental goals really in conflict with each other? Or can the market, which has proved its ability to meet economic interests of the consumers most efficiently, now meet the environmental preferences of the people as successfully? These are some of the basic issues that the participants at the WTO Ministerial Meeting at Seattle will have to try and answer. The battle lines are being drawn up. While developing countries like India are strongly opposed to any linkage between trade and environment, many of the developed countries are pressing for a working group to look into the relationship between these two areas. However, trade and environment need not be mutually exclusive. Nor need the interests of one be balanced against those of the other. Free trade and an open market, with d...