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Submitted by Pradeep on
Great in spirit - "migration should be like free markets" and everyone will thrive! On the other hand, economics today recognizes "externalities", where the free hand of the market needs to be guided by social policy without becoming 'centralist tyranny' - Anti-trust - markets become monopoly playgrounds - Anti-Dumping to prevent killing domestic production,then raise prices - Capital controls to prevent "princelings" from taking all the gold & jewels of the country to safe harbors like Switzerland,etc. - Equitable and preferred access to capital to prevent well connected industrial houses from getting all the capital. In context of Migration, there are externalities ... * The cost of an IIT education is $250k in western terms - what does India get in return for a "free" migration. On the other hand Taiwan, Israel enforce a 2 year military service for ALL princelings and princesses not just the land-labor-sipahis .. This could be used to get these brains to * No harm in encouraging reverse brain drain, by potraying "economic missions" - hong kong, singapore, ireland, latvia, even the Sonama county of California all have Silicon Valley economic diplomats to encourage company formation. The wheels of economic growth and reverse migration ARE LUBRICATED with making it easy to find information, benefits of locating there and connecting entrpreneurs ... Else what happens - Capital flight or reverse FDI due to sons of corrupt politicians fleeing with the gold .. - Massive subsidizing of capitalist economies .. - Brainwashing of elites of developing countries - so future political leaders whether Nehru, Sonia Gandhi or now the Harvard-China-princelings can be "biased" to Western ideologies .. My point is DONT FEAR open migration, just provide counterbalances i.e. "MARKETING" to allow benefits to filter back... Hopefully developing countries can be CLEVER and SCHEMING about it, just as past colonialists did in past...