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.
Re: Re: He will not get the Nobel Prize for sure!
by Satya Shivkumar on Sep 25, 2008 07:36 AM Permalink
well said. These wall street bankers are nothing but gamblers at the betting tablles in vegas. At least, there the people are gambling with their own money. Prof. Bhagwati and his ilk have aggresively pushed this free entrprise nonsense, much to the detriment of poor countries. It is time we call their bluff, nobel prize or not.
Re: Re: He will not get the Nobel Prize for sure!
by Bhupinder Singh on Oct 03, 2008 09:12 AM Permalink
i find the wording of sam quite impressing and full of wisdom,majority of our politician and bureacrate have not mind except accepting graft and monthly salary without any work,accountibilityand even with contractor commision,,, the hour of time is development for all ,welfare, health and education should be made avaiable for all it can be possible , we our leader ,have will, persuasive power, motivation skill and examplary style of working,,,the free marketism wouldnot solve the problems, it is biggest cheat of our time by m n c,,if we are to live with dignity and self relient than we are to open our mind, we are tailor our education according to our requirement , we dnot need white shahib, we worker from well to bottom,,we need spiritualism and what is life philosophy to everyone,,evolution of humanbeing and their dealth, birth and their existance should be thelearning topics, whole land should be nationalised , work for them who want to work,,, not idler,shirk workeer white collar job,,, There is not god, not govt , no servant no owner, only a enlightened mind,,,,
Re: He will not get the Nobel Prize for sure!
by Ramesh Murthy on Sep 28, 2008 04:36 AM Permalink
I agree that the so called 'Free Market' is just a smoke screen for unbridled greed and reckless deregulation has been the driving force behind the current credit crunch! their mistakes and sins are quaintly called ( subprime morgages( read reckless lending), derivatives ( speculative gambling) etc! No ONE in this whole wide world misuses the English language as the WASPs do( White Anglo Saxon Protestants)They n however never pay for their sins and the common man in West is pretty angry this time! The bubble which has burst has shaken the confidence of the ordinary working men who pay taxes to keep these vermin in the style they got accustomed to,and they are is NOT HAPPY! But that alone only means that we need regulation and a robust one at that but that does not give green signal to despicable commie ideology of forces redistribution of wealth! capitalism still is the ONLY proven way of wealth creation and therefore the way to economic progress!I agree that NONE of the above are INDIANS but for their names and the accident of birth
