here's the proper link —https://timesofindia.indiatimes.com/blogs/toi-edit-page/self-sufficiency-held-india-back-some-useful-economic-history-lessons-on-how-we-manage-to-handicap-ourselves/ …
This is fascinating. It's the economic equivalent of an NTSB aircraft accident report.https://twitter.com/APanagariya/status/1367059187214282752 …
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Yes! I think you’ll enjoy my conversation with him
@APanagariya on free trade, and India’s many economic policy mistakes.https://www.discoursemagazine.com/economics/2021/01/28/ideas-of-india-free-trade-and-prosperity/amp/ …Thanks. Twitter will use this to make your timeline better. UndoUndo
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Basically Wealth of Nations by Adam Smith. All wealth comes from productivity gains.
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India at least developed a couple domestic industries like cars, TVs etc.. most protectionist economies couldn't manage even that. An understandable instinct for newly independent countries but it didn't really work out
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Yeah, there's a lot of stuff governments only learn doesn't work by trying it. E.g. when the Romans learned that debasing the coinage doesn't work.
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Business needa freedom to innovate! This how we can move humanity forward!
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There are some truths in that article, but here’s what it misses- we have neighboring countries that went the other way (importing everything, not many domestic industries). They are much further behind today. Self reliance led to entrepreneurship, increased domestic production.
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