Free Markets – Making Virtues Out of Necessities
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” – Adam Smith
Unabashed self interest may not be the ideal position to take in terms of moral thought, but it is the single most effective catalyst for economics that is as progressive and robust as it is fair. Why do people do the things they do? Why do they get up in the morning, and go about their business as a routine? In almost all cases, they are either trying to earn a living, or preparing themselves to be able to do so in the future. Who are they doing this for if not for themselves, and perhaps, their near and dear ones? The fact is, any economic activity that people engage in, is meant largely to serve their own personal interest.
Competition is Pivotal to the Sustenance of Free Markets
It is a fact that the biggest and the most successful business organizations in the world today are the ones that face the most competition in their respective industries domestically. Another well established fact is that nations and states that practice economies that come closest to being ‘Perfect Competitions’ have, not just the most satisfied and prosperous consumers,
The Rationale of Free Markets
To have any meaningful understanding of a socio-economic system, one needs to first gain an insight into two things – one, what purpose it is meant to serve, and two, for whom it is supposed to serve that purpose.
Why India and Nepal Rank Low in Economic Freedom Index
On the face of it, economic freedom is a simple concept. However, it encompasses every aspect of an individual’s life. Economic freedom defines the standard of living and has a significant influence on the quality of life.
How the Concept of Laissez Faire has Evolved
Laissez Faire is a term that finds its etymological roots in the French language, in which it means ‘allowed to do’. Also referred to as ‘let it be’ economics, Laissez Faire refers to a sect of political thought that does not favor political interference in private sector free markets. It was claimed to have first been first coined by Marquis D’Argenson, who was to later become Louis XV’s foreign minister during the Austrian War, in his work titled Memoires, published in 1736.
Various political groups throughout American history have made it their clarion call, right from Thomas Jefferson to recent political leaders such as Ron Paul.
Laissez-Faire Leadership: An Oxymoron?
Also known as delegative leadership, laissez-faire leadership is a ‘hands off’ form of leadership, in which the leader believes in freedom of choice for his team. The leader provides minimal direction to the team and delegates most responsibilities to
Free Market: A Retrospective Through the Eyes of Bollywood
There is a trend of period movies in Bollywood this season! Directors and producers are lining up to recreate the magic of the golden age of the 70s and the 80s. From ‘The Dirty Picture’ to ‘Once upon a time in Mumbai’, it’s raining period movies all around. In keeping with this trend, you are about to be taken back in time to reminiscence how life was for the common man in these decades. You will also have a more substantial idea of how markets functioned and what it meant for the people of India, Bollywood ishtyle!
Equal Income Distribution – Characteristic of Free Economies?
The wealthiest countries are those that have free economies. There is a popular belief that the more capitalist economies in Europe, North America and even Asia (like Japan) have greater financial inequalities. But the true picture reflects a different scenario altogether. Such countries are better off than the socialist economies when it comes to distribution of wealth.
Free the People, Control the Government: A Lesson from Hong Kong
It is often believed that countries that are small are easy to govern. It is also believed that high population impedes economic development. There is one nation that shattered these popular beliefs… Hong Kong!
Sweden Holds Lessons for Indian Economy
It was not long ago when a small country in northern Europe – Sweden – exemplified a perfect example of Keynesian economics. The country stuck to the context of welfare state and had no plans to move towards free market economy. However, the country woke up just in time to realise the importance of free markets.
Rakesh Wadhwa. Ever since, I was a school boy, I knew India was on the wrong path. Socialism was just not what we needed to get ahead. Government controlled our travel; government controlled our ability to buy and sell; and government controlled our freedom to move our money. My life has focused on the inherent rights people have. When I was in college, I never understood, what the governments meant by their "socialistic attitude". If people are free to buy, sell and move their capital themselves without any restrictions by state, then the welfare of people is inevitable & hence the countries they live in will become wealthy. The government has no right whatsoever, to point a finger at me or my business. I am not a revolutionary. I just want to light up my cigarette and not get nagged about it. I believe in non-interfering attitude to attain more. 
The Bastiat Award is a journalism award, given annually by the International Policy Network, London. Bastiat Prize entries are judged on intellectual content, the persuasiveness of the language used and the type of publication in which they appear. Rakesh Wadhwa won the 3rd prize (a cash award of $1,000 and a candlestick), in 2006.
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