Here's some really fantastic proof that classical liberalism WORKS. It is crucial that India adopt these ideas asap.
Although Estonia (see details below) has become rich merely by reading one of Friedman's books, Milton Friedman personally advised India in 1955. Nehru ignored his advice.
I published Friedmans's advice to India for the first time ever on the internet in 1998 (it was the only authorised version on the internet – authorised by Friedman himself). [Btw, I was also the first to publish the authorised copy of Hayeks' The Use of Knowledge on the internet.]
If only India had listened in 1955. By now it would have been the world's richest nation. Without ANY doubt.
Even today there are those who claim to represent India's interests, but are merely taking it down the gurgler.
Had Friedman lived, he would surely have endorsed Breaking Free of Nehru. Consider reading BFN, India! You, too will then become rich. Indeed, I've promised thousands of people that I will make India rich. And I reaffirm this promise.
Mart Laar was barely 32 years old in 1992, when he became prime minister of Estonia.He inherited leadership of a country with 1,000 percent inflation, 30 percent unemployment, and government-owned businesses that were a shambles.Laar's government removed price controls, cut regulations and welfare programs, sold state-owned businesses, introduced a new currency, and instituted a simple, flat-rate income tax that is being emulated in countries across Central and Eastern Europe. The rate has been lowered several times over the years and is now at 20 percent.The result? Inflation in Estonia has dropped below 3 percent, unemployment has plunged below 6 percent, and foreign investment has poured in.Estonia has enjoyed the greatest growth in real per-capita income of any of the former Soviet states. Today the country is a member of NATO, the European Union, and the World Trade Organization.
Laar is not an economist. He read his first Western book on economics–Friedman's Free to Choose–shortly before becoming prime minister.Laar determined to put Friedman's principles of free markets, low and fair taxation, and trust in people into practice.Laar:The first time I heard the name Milton Friedman, it was in propaganda newsletters that said there is one very bad and very dangerous economist, and his name is Milton Friedman. I was quite sure, when he is so dangerous for the Communists to be telling me this, he must be a good man.Free to Choose was one of the first Western books translated into Estonian at the end of the 1980s. That is how I had the chance to look at these ideas, which, when they were introduced in Estonia, looked quite crazy to many Western people but which to me looked quite logical, I must say.