Prof. Bhagwati is a proponent of free-market economy and globalization, and has been a mouthpiece of US neo-liberals. The bluff of free-market have been called before. But more recently collapse of financial market in the US and 700billion dollar bail-out by govt (from taxpayer money) has shown that free-market does not exist even in the best of developed countries. The idea of free-market was a bluff all along to help multinationals to crush domestic companies and loot developing markets in poor countries. Markets need to be regulated (even Bush's speech today admitted that!!!) in the strictest terms to prevent financial corruption.
