Reviving the Invisible Hand: The Case for Classical Liberalism in the Twenty-first CenturyReviving the Invisible Hand is an uncompromising call for a global return to a classical liberal economic order, free of interference from governments and international organizations. Arguing for a revival of the invisible hand of free international trade and global capital, eminent economist Deepak Lal vigorously defends the view that statist attempts to ameliorate the impact of markets threaten global economic progress and stability. And in an unusual move, he not only defends globalization economically, but also answers the cultural and moral objections of antiglobalizers. Taking a broad cross-cultural and interdisciplinary approach, Lal argues that there are two groups opposed to globalization: cultural nationalists who oppose not capitalism but Westernization, and "new dirigistes" who oppose not Westernization but capitalism. In response, Lal contends that capitalism doesn't have to lead to Westernization, as the examples of Japan, China, and India show, and that "new dirigiste" complaints have more to do with the demoralization of their societies than with the capitalist instruments of prosperity. Lal bases his case on a historical account of the rise of capitalism and globalization in the first two liberal international economic orders: the nineteenth-century British, and the post-World War II American. Arguing that the "new dirigisme" is the thin edge of a wedge that could return the world to excessive economic intervention by states and international organizations, Lal does not shrink from controversial stands such as advocating the abolishment of these organizations and defending the existence of child labor in the Third World. |
From inside the book
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... United Kingdom : Princeton University Press , 3 Market Place , Woodstock , Oxfordshire OX20 1SY The author hereby asserts his moral right to be identified as the author of this work All Rights Reserved Library of Congress Cataloging ...
... United States of America . The first point worth noting is that these merchant capitalists were a minority in agrarian economies . Their calling necessarily involved assuming risks and valuing novelty , behavioral characteristics that ...
... united under the imperial Mauryas in the third century B.C. , was by the beginning of the Chris- tian era probably the richest and most populous . Thereafter , its per capita in- come fluctuated around this " high level equilibrium ...
... United Kingdom USA Russia Figure 1.1 : GDP for Major Countries 1500-1998 . economic decline . But with the Great Divergence accompanying the slowly rolling Industrial Revolution , they were slipping relatively to the countries of the ...
... United Kindom USA Germany GDP ( million 1990 International $ ) 1500 61,800 10,912 60,500 716 8,475 4,744 2,815 800 1600 96,000 15,559 74,250 2,052 11,447 7,416 6,007 600 1700 82,800 21,180 90,750 4,009 16,222 7,893 10,709 527 1820 ...
Contents
V | 17 |
VI | 20 |
VII | 22 |
VIII | 32 |
IX | 36 |
X | 40 |
XI | 48 |
XII | 52 |
XXXI | 139 |
XXXII | 150 |
XXXIII | 151 |
XXXIV | 154 |
XXXV | 157 |
XXXVI | 160 |
XXXVII | 165 |
XXXVIII | 180 |
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Reviving the Invisible Hand: The Case for Classical Liberalism in the Twenty ... Deepak Lal No preview available - 2008 |