February 03, 2007
Milton Friedman and India

Alok Sheel of the Economic Times (India) recounts how John Kenneth Galbraith (planning) and Milton Friedman (free markets) offered opposing plans for India. Nehru spurned Friedman's advice, delaying India's development by thirty years.

The text of Friedman's 1955 memorandum is available here.

Posted by Lawrence H. White at 07:52 PM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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