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Category Archives: Economics
Selling the wrong idea
Adam Smith, writing in The Wealth of Nations, was probably the first to call England a nation of shopkeepers. But few remember that Smith used the phrase to argue that England was a “nation whose government is influenced by shopkeepers”. … Continue reading
Posted in Economics, Politics
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Multinational Corporations and Development: Friends or Foes?
It is an honor to be this year’s Eminent Scholar in International Management. I join a distinguished group of previous recipients, led by the late C.K.Prahlad who was also a good friend and indeed an important supportive voice in India’s … Continue reading
Four Fallacies of the Crisis
The current twin crises in finance and the real economy, what Americans call Wall Street and Main Street, and the interminable discussions about financial reform and the prospects for economic recovery, have spawned several fallacies that need to be addressed … Continue reading
India’s reform and growth have lifted all boats
The following article is based on a lecture Professor Bhagwati will be presenting to the Indian Parliament (Lok Sabha) on December 2nd, 2010. India’s economy again exceeded expectations, growing by 8.9 per cent in the second quarter. Those outside India … Continue reading
Capitalism and Economics: Premature Obituaries by Stiglitz and Soros
Having just seen a strange attack in the Financial Times on Economics by my distinguished colleague Joe Stiglitz, in alliance with the financier George Soros, and having witnessed earlier their assaults on Capitalism as well, I believe it is time … Continue reading
Posted in Economics
2 Comments
The Manufacturing Fallacy
NEW YORK – Economists long ago put to rest the error that Adam Smith made when he argued that manufacturing should be given primacy in a country’s economy. Indeed, in Book II of The Wealth of Nations, Smith condemned as … Continue reading
Posted in Economics
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Expanding India’s Expertise
Recently, Sanjaya Baru, the Prime Minister’s former Press Secretary, sounded the alarm over how many of the Indian think-tanks were now dependent on foreign public and private institutions — the World Bank, DFID (UK), Oxfam and many others — for … Continue reading
Posted in Economics, Politics, Trade
2 Comments
Protectionist Myths
At a debate in New York last year entitled “Buy American/Hire American Policies Will Backfire,” with hundreds of people in attendance, my team of three free-trade proponents took on a trio of protectionists who are often in the public eye. … Continue reading
Fair Trade versus Free Trade
Below are excerpts from an online debate hosted by The Economist. The original debate is found here. Driven in part by a progressive lowering of barriers to trade in both rich and developing countries, global trade expanded faster in the … Continue reading
Posted in Economics, Trade
3 Comments
India’s mistaken call for renminbi appreciation
India’s central bank governor issued in late April a critique of the alleged Chinese undervaluation of the yuan/renminbi, siding therefore with the U.S. politicians and some think-tanks (chiefly Fred Bergsten and Arvind Subramanian of the Peterson Institute for International Economics) … Continue reading
Posted in Economics, Trade
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