Praxeology: My Reflexions on India

The Indian rupee has fallen to its all time low against the US dollar in the foreign exchange market last week after a double whammy blow, first from the RBI, and then the US Federal Reserve FOMC policy announcement on Thursday. The Indian finance minster is urging everyone not to panic and worry much about the weakening rupee , but there are reasons to worry. In my latest economic report I discuss the causes of rupee's depreciation against other foreign currencies, particularly the US dollar.     

I have just finished reading very important work of Columbia sociology professor, Robert Nisbet, The Quest for Community . This work is important because it draws our attention towards some major flaws in the philosophy of classical liberals and their Individualism. Individualism is the major philosophy rivaling the philosophy of collectivism. Individualists are pitched in a fierce battle against the collective powers of centralized States. The battle is between 'Freedom' on the one side and 'Political Power' on the other side. This book is divided into three parts: 1) community and the problem of order, 2) the state and community, and 3) community and the order of freedom. Although this book was written and published in 1953, the thesis which Nisbet developed is still relevant today. I think it is more relevant today than it was in his time. Nisbet's warning against the rising power of the centralized State is haunting us today more than ever. This is the reason ...