We can take a cue from the words of Victor Hugo that Dr. Manmohan Singh quoted in his first budget speech: “no power on earth can stop an idea whose time has come.” Dr. Singh had applied these words to the vision of emergence of India as an economic power.
To me, these words apply with as much aptness to the concept of “free markets”. In a recent speech, Governor Rajan has eloquently dealt with the issue and I will strongly urge the audience to reflect on his discussion as well as the works he bases his discussion on.