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"Capitalists have existed in every civilisation"

Staff Reporter

NEW DELHI: It was an evening that brought together old friends and their common subject -- economics -- here on Monday at the release of eminent economist Deepak Lal's latest book, "Reviving the Invisible Hand -- The Case for Classical Liberalism in the 21st Century''.

Interesting points

The book was released by Planning Commission Deputy Chairman Montek Singh Ahluwalia.

"I have known Deepak for a very long time. There is no doubt that his work will provoke a lot of thought. One of the interesting points that have been raised by him is that the roots of capitalism can be traced back to Pope Gregory VII in the 11th Century,'' said Dr. Ahluwalia.

Novelty

The book forcefully calls for a return to a classical liberal economic order free of interference from governments and international organisations. Talking about the book, Prof. Lal said: "The first question is what is capitalism. Capitalists -- novelty seeking risk takers -- have existed in every civilisation.''

Communist country

Stating that America, India and China were the economies that matter, Prof. Lal added: "It is ironic that China, a Communist country, follows classical liberal policy on the ground. But European Union and America don't live up to what they preach.''

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