Thursday, November 01, 2007
Entry of foreign legal firms into India
Cyril Shroff, one of India's most famous lawyers and a great beneficiary of liberal economic policy, presents `infant industry' and other `pre-requisites are missing' arguments about why liberalisation of legal services is inappropriate.
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How selfish an article by Shroff.
ReplyDeleteJust goes to show that the real enemy of capitalism are the capitalists themselves (didnt someone write a book on this?)
Nothing short of total decontrol will solve our woes..long live the temples of capitalism - long live the markets!
It's easy to say that we should liberalize everything and let whomever has comparative advantage win. But not one country in the world plays by those rules. It is in India's best interest to internally liberalize its market for legal services, by changing the partnership rules and so on, and then reassess whether foreign firms need to operate in the country. Wholesale opening to foreign firms DOES NOT equate to a level playing field, as much as the foreign firms who are pushing for it would have you think it is.
ReplyDeleteQuery: Why did so many Western countries (and then the Japanese and Koreans) produce their own cars for so long, when the Germans could have just done it for them (or at least comparative advantage would have told you so)?