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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... caused the world's poor.2 The Dirigiste Dogma encompassed a set of interrelated beliefs : First , that the price mechanism or the working of a market economy needs to be supplanted ( and not merely supplemented ) by various methods of ...
... caused by the four horsemen of the Apocalypse " for every two individuals who sought their salvation in migrant flight , ninety - eight remained behind to accept what fate would bring . " It seems likely , therefore , that the ...
... caused , the Church created a fierce guilt culture in the Middle Ages . In this guilt culture , sex was sinful and the marriage bond — albeit based on love — was sacrosanct . They thus put a lid on the human passions which their ...
... causes of the decline of the Roman Empire were ultimately economic.23 The extension of the empire to its natural boundary meant that the average costs of maintaining the empire were rising and thus the sustainable rents it could garner ...
... causing domestic disorder — and with no expansion of the do- mestic tax base , the empire faced an endemic fiscal crisis . It tried to close the " deficit " by levying the inflation tax through debasement of the currency . But this was ...
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 |