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Reviving the Invisible Hand   
Reviving the Invisible Hand


Published under arrangement with
Princeton University Press, Princeton (USA) and Oxford (UK).
Hard Back Book (6¼" x 9¼")    :   Pages : 334
2006  Edition  :   ISBN - 81-7188-567-5
Price : Rs. 895.00 (For Sale in South Asia Only)
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Reviving 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.

"An account of modern economic policy from a classical liberal perspective — a contribution to the globalisation debate"

— The Hindu  (Read more...)

“What would Adam Smith and David Hume have had to say about globalization, human rights, outsourcing and free trade, capital controls, the WTO, the IMF and the World Bank, Islamic fundamentalism, the rise of China and India, the environment, the welfare state, U.S. foreign policy, and every other major issue if they were alive today? The closest you can ever come to fiinding out is to read this brilliant and provocative book by the last, but by no means the least, of the classical liberals, Deepak Lal.”

— RONALD E. FINDLAY, Columbia University

“This splendidly and subtly argued defense of the classical liberal position makes a highly valuable contribution to the globalization debate.”

— HAROLD JAMES, Princeton University, author of The End of Globalization

“Deepak Lal’s Reviving the Invisible Hand is a brilliant account of modern economic theory and policy written from a rigorous classical liberal perspective. Lal shows a thorough knowledge of classical liberal theory and an enviable ability to apply it to any economy. Furthermore, he demonstrates that the greatest threat to world economic progress and stability comes not from old-fashioned socialism, but from the recent, fashionable modifications of the classical liberal model. It is remarkable that a technical economist should display such competence and originality in areas seemingly far removed from the diagrams and equations of orthodoxy. And his style is rigorous, well-paced, and just a little cheeky.”

— NORMAN BARRY, University of Buckingham, England,
author of Classical Liberalism in the Age of Post-Communism


DEEPAK LAL is James S. Coleman Professor of International Development Studies at the University of California, Los Angeles, Professor Emeritus of Political Economy at University College London, and former Research Administrator at the World Bank. He has advised many governments and international agencies and is the author of numerous books on economic development and public policy, including In Praise of Empires (Palgrave Macmillan), The Poverty of Development Economics, and Unintended Consequences.




The Origins of “Capitalism” 


1. Liberal International Economic Orders


The Nineteenth-Century LIEO

Pax Britannica and Economic Development

The End of the First LIEO

Recreating a New LIEO

2. From Laissez Faire to the Dirigiste Dogma

Classical Liberalism and Laissez Faire

Poverty and Industrialization in Nineteenth-Century Britain

“Manna from Heaven” Distributivism

Competition and Monopoly

The Rise of “Embedded Liberalism” in the United States

3. The Changing Fortunes of Free Trade

The Rise, Fall, and Rise of Free Trade

U.S. Economic Policy

The New Protectionism

The Rise of Preferential Trading Arrangements

Another Globalization Backlash?

Adjustment Assistance?

Whither the WTO?


4. Money and Finance

International Monetary Regimes

International Capital Flows

The Global Financial Infrastructure

5. Poverty and Inequality

Poverty Head Counts

Income Gaps

Foreign Aid

6. Morality and Capitalism


Analytical Framework

Changing Material and Cosmological Beliefs

Communalism versus Individualism

From Victorian Virtues to Modern Values

Modernization and Westernization


7. “Capitalism with a Human Face”


Justice and Freedom


Social Paternalism and Dirigisme

Moral Paternalism and the New Victorians

Capitalism and Happiness

The Corporation under Attack


8. The Greens and Global Disorder


The Rise of the NGOs

Sustainable Development

The Greens and Ecological Imperialism

Toward World Disorder

9. Conclusions




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