Reviving the Invisible Hand: The Case for Classical Liberalism in the Twenty-first Century by Deepak LalReviving the Invisible Hand: The Case for Classical Liberalism in the Twenty-first Century by Deepak Lal

Reviving the Invisible Hand: The Case for Classical Liberalism in the Twenty-first Century

byDeepak Lal

Paperback | January 23, 2008

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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.

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 ...
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Title:Reviving the Invisible Hand: The Case for Classical Liberalism in the Twenty-first CenturyFormat:PaperbackDimensions:336 pagesPublished:January 23, 2008Publisher:Princeton University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0691136386

ISBN - 13:9780691136387

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Table of Contents

PREFACE ix





Introduction: The Origins of "Capitalism" 1

Globalization 9





Chapter 1: Liberal International Economic Orders 17

Mercantilism 20

The Nineteenth-Century LIEO 22

Pax Britannica and Economic Development 32

The End of the First LIEO 36

Recreating a New LIEO 40





Chapter 2: From Laissez Faire to the Dirigiste Dogma 48

Classical Liberalism and Laissez Faire 48

Poverty and Industrialization in Nineteenth-Century Britain 52

"Manna from Heaven" Distributivism 53

Competition and Monopoly 56

The Rise of "Embedded Liberalism" in the United States 59





Chapter 3: The Changing Fortunes of Free Trade 62

The Rise, Fall, and Rise of Free Trade 62

U.S. Economic Policy 65

The New Protectionism 68

The Rise of Preferential Trading Arrangements 71

Another Globalization Backlash? 80

Adjustment Assistance? 85

Whither the WTO? 86

APPENDIX: FREE TRADE AND LAISSEZ FAIRE IN THEORY 91





Chapter 4: Money and Finance 95

International Monetary Regimes 97

International Capital Flows 105

The Global Financial Infrastructure 122





Chapter 5: Poverty and Inequality 127

Poverty Head Counts 128

Income Gaps 135

Foreign Aid 139





Chapter 6: Morality and Capitalism 150

Introduction 150

Analytical Framework 151

Changing Material and Cosmological Beliefs 154

Communalism versus Individualism 157

From Victorian Virtues to Modern Values 160

Modernization and Westernization 165

Conclusions 180





Chapter 7: "Capitalism with a Human Face" 182

Introduction 182

Justice and Freedom 183

Rights 185

Social Paternalism and Dirigisme 187

Moral Paternalism and the New Victorians 189

Capitalism and Happiness 192

The Corporation under Attack 195

Conclusions 203





Chapter 8: The Greens and Global Disorder 205

Introduction 205

The Rise of the NGOs 205

Sustainable Development 211

The Greens and Ecological Imperialism 214

Toward World Disorder 227





Chapter 9: Conclusions 231





Notes 237

Bibliography 279

Index 307


Editorial Reviews

"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