Milton Friedman
Milton Friedman

Milton Friedman, American economist and Nobel Laureate was born on 31 July 1912. After achieving international fame after the publication of his work Capitalism and Freedom in 1962; Friedman became one of the most prominent advocates of classical liberal ideas in the 20th century.

Here is an excerpt from Friedman’s writings on India:

The hope for India lies not in the exceptional Tatas or similar giants, but precisely in the hole-in-the-wall firm, in the small and medium-size enterprises, in Ludhiana, not Jamshedpur; in the millions of small entrepreneurs who line the streets of every city with their sometimes minuscule shops and workshops. If the tendencies so evident in Ludhiana could be given full rein, and not hampered and hindered in every direction by governmental interference and control, India could achieve a rate of growth that would exceed today’s fondest hopes.

In 2000, the Centre for Civil Society compiled a handbook of Friedman’s work on India. As a preface to the book, Friedman wrote:

“I continue to be impressed by India’s enormous potential and depressed by the contrast between that potential and the minimal progress that has been achieved in the forty-five years since I was first in India. The latest decade shows more signs of change. India may finally be on the way to realizing its potential. If so, it will be a blessing for the people of India and for the world as a whole.”

The complete handbook can be accessed here.

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The opinions expressed in this essay are those of the authors. They do not purport to reflect the opinions or views of CCS.