Economists of the Twentieth Century Series

In this outstanding collection of essays on economic liberalization Deepak Lal, one of the world's leading development economists, questions why many developing countries have followed policies which have retarded both growth and equity, before discussing why and how these policies have come to be reversed.

The Repressed Economy brings together Professor Lal's most important work on economies that function unsatisfactorily because of government policies that distort the working of the free market. He explains both why governments create these distortions and when, if at all, they are likely to heed the technocratic advice of the economist to eliminate or reduce them. The theme of the repressed economy is explored throughout these essays, which include applied studies of developing economies in Latin America, the Philippines, Kenya, Brazil, India and China.

The role of ideas, interests and ideology are explored, as is the importance of differences in initial resources. Simple political economy models are developed to explain the actions of the governments concerned. An intellectual biography is included which outlines how Professor Lal's practical experience in the Third World led him to become a neo-liberal development economist.

The Repressed Economy

by Deepak Lal