Jagdish Bhagwati Biography
Born in 1934 in Bombaim, in India, professor Bhagwati is one of the most prestigious economists in the area of International Commerce and Economical Development and also one of the investigators that more deeply influenced the economical policy of the last 30 years. From his work, expressed in more than 300 articles and 50 books, are particularly emphasized the contributions for the Theory of Free Commerce, Theory of Preferential Commerce and Growth Theory.
On an article published in 1963 in the Journal of Political Economy, Bhagwati showed that an existence of a market failure at a domestic market’s level doesn’t justify the implementation of commercial barriers. After 200 years of protectionist measures’ defense based in defects of several nature markets, this article had a very significant impact of acceptance, actually generalized, from the beginning that the free commerce is a privileged instrument of the economic policy that has as goal to raise prosperity and well being of the people. This article’s impact was evident on more than the 100 articles that it originated, published in economy scientific magazines.
Other fundamental contributions of the professor Bhagwati took place in the multilateral free commerce and the identification and analysis of the problems deriving from the preferential agreements of free commerce. Bhagwati was the first one to show that the hegemonic powers typically prefer this type of exclusive agreements, which allow them to negotiate non commercial grants with target countries. The rates’ political economy was clarified decisively as a result of his investigation and the equivalence inexistence between rates and shares was demonstrated. The Theory of Impoverishing Growth also influenced decisively the understanding of the implications, potentially negative, as to well being of high investments rates.
An outstanding characteristic of professor Bhagwati’s career it’s his interest and impact on the economical policy. Along with a scientific investigation oriented for the academic analysis of economical policies occupied several places, at the highest levels, with responsibility on the formulation of policies. So, beyond being professor at the University of Columbia is a Senior Member of the Council on Foreign Relations. Was Counselor of Economical Policy, of the GATT (General Agreement on Tariffs and Trade) General Manager, ONU’s Special Counselor for the globalization and External Counselor of the Worldwide Commerce Organization. He joined the specialists’ group that analyzed the future of this organization and the Consulting Council of the General Secretary Kofi Annan. Was also part of the Personalities Group appointed by the President Fernando Henrique Cardoso to study the future of UNCTAD (United Nations Conference on Trade and Development).
