Copyrights to Prof. Friedman's memo

[Preamble | Manifesto | Agenda]

Background of the publishing of this Memo for public use

The following paras are from "Two Lucky People," by Milton and Rose D. Friedman, The University of Chicago Press, 1998.:

Page 268:

The memorandum that I wrote in 1955 was not published at the time, though I expressed similar views in a note in January 1957 in Encounter magazine. In 1989, the East-West Center of the University of Hawaii held a conference entitled The Modern Political Economy of India. One of the organizers of the conference, a young Indian by the name of Subroto Roy, who knew about the existence of my memorandum, invited me to attend and asked me to permit circulation of the piece. The proceedings of the conference were published in 1992, so my 1955 memo was finally published thirty-seven years after it was written! In commenting on it, the editors wrote,

"Of all the advice that the Government of India had elicited from numerous British and American economists in the 1950s and 1960a, Milton Friedman's memorandum of 1955 was unique in its content and also in the fact that it was wholly neglected and has never been published before, as far as is known by its author or by the editors. The aims of economic policy were to create conditions for rapid increase in levels of income and consumption by the mass of the people, and these aims were shared by everyone at the time from P.C. Mahalanobis to Milton Friedman. The means recommended were different. Mahalanobis advocated a leading role for the state and an emphasis on the growth of physical capital. Friedman advocated a necessary but clearly limited role for the state, and placed on the agenda large scale investment in the stock of human capital, encouragement of domestic competition, steady and predictable monetary growth, and a flexible exchange rate for the rupee as a convertible hard currency, which would have entailed also an open competitive position in the world economy. While it is impossible to tell what we would have been like today with an alternative history for forty years, it seems clear that if such an alternative had been more thoroughly discussed at the time, the optimal role of the state today, as well as the optimal complementarity between human capital and physical capital, may habe been more easily determined." [Subroto Roy and William E.James (eds.), Foundations of India's Political Economy (New Delhi, Newbury Park and London: Sage Publications, 1992), pp. 19-20.]

On Mon, 7 Sep 1998, Dr. Subroto Roy has intimated:

Dear Mr. Sabhlok, A short note regarding the Friedman memo. If you are planning to put it on the Internet, please be aware of the following: the copyright of the original has been, as I recall, transferred to the President of the University of Hawaii, Manoa, Honolulu, Hawaii 96813, who should be available by email too. (I can get the address.). Furthermore, the copyright of the choice of authors and the editorial material in the Foundations book belongs to me and to my co-editor. Therefore if you plan to put it on the Internet (which I think is an excellent idea), you will need the permission of the President of UH (easily obtained), and my permission (granted), except I would like you to add the editors' note to that chapter in the book (i.e. the record that it had never been published until we published it.)

(Attempt to get permission of the President, UH is being made: Sanjeev, 9/10/98. Thanks are due to Prof. Nirvikar Singh who photocopied this and sent it over. This memo was scanned, etc., by Sanjeev for IndiaPolicy)


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