Well-known economist and author, Deepak Lal has launched his latest book 'Poverty and Progress: Realities and Myths About Global Poverty' in New Delhi yesterday. On the occasion, industry body FICCI in association with Centre for Civil Society and Friedrich Naumann Foundation organized a discussion on 'Poverty and Progress: Realities and Myths About Global Poverty'.
According to Lal's book, which is published by Oxford University Press, the greatest reduction in mass poverty in human history has occurred during the current era of globalization. The world's poor are now catching up with the rich at a rapid pace in terms of human well-being, health, education, and life span.
Drawing on 50 years of experience around the globe, renowned development economist Deepak Lal describes developing country realities and refutes misguided notions about economic progress, including the World Bank calculations that exaggerate the extent of poverty, overstated claims made on behalf of microfinance, the resurrection of discredited theories such as vicious circles of poverty, and the need for massive foreign aid to save Africa.
In his book, Lal also examines Western proposals to deal with climate change and concludes that they pose a great potential threat to the world's poor. Fortunately, liberalization in poor countries makes them less likely to be swayed by the intellectual fads of the West, so that classical liberal economic policies will continue to be the source of progress in the developing world.
The eminent panellists Naina Lal Kidwai, Past President, FICCI & Chairman - India and Director - HSBC Asia Pacific and Surjit S Bhalla, Chairman and MD, Oxus Investments, agreed that economic freedom was essential for economic growth. This would lead to redistribution of wealth and help in alleviating poverty.
Deepak Lal, a contrarian economist is known to take a position against the mainstream view, said Parth J Shah, President, Centre for Civil Society, and added that his latest book not only challenges the established norms but also provides a new perspective which could help in resolving the issues of poverty and climate change.
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