Thursday, April 10, 2008

India Opens Up

Specialization of labor

India says that it is opening its borders to goods from the world's 50 poorest nations (of which India was one not too long ago). Unilateral free trade is a good idea as it allows the people of the country (India) to get access to cheaper goods both for consumption and for inputs to production. India until the 1990s was moslty a closed centrally-planned economy allied more with the Soviets than the West now they are leading the way to enlightened international dealings viz trade, specially to places (like Africa) that need it most. Thats pretty great.