Development Economist Deepak Lal Passed Away
By the time Deepak joined the World Bank in 1983, where he ran major research programs for several years, he had become one of the lone but effective voices for market liberalism in the developing world. Deepak knew the Bank played a powerful role in shaping ideas even if he did not believe in its lending activities. (Like other classical liberals, he believed that the Bank and other multilateral lending agencies should be abolished.) The research and publications that he and his colleagues produced at the Bank made the case for trade liberalization in the developing world that poor countries began following within the next decade.
With the collapse of communism and central planning, economic freedom in much of the developing world notably increased, and The Economist magazine stated, “In the 1990s Lord Bauer and economists such as Anne Krueger, Bela Belassa, Deepak Lal and Ian Little are regarded — above all, in the third world itself — as largely vindicated.”
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