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Towards a Theoretical Framework for British and International Economic History

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Sudha Shenoy (1943-2008) was a legendary figure in the history of the Austrian School.
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Sudha Shenoy (1943-2008) was a legendary figure in the history of the Austrian School. Her father, B.R. Shenoy, was practically the only libertarian in India in his day. His daughter, Sudha, was a student of Hayek and Rothbard and went on to teach in Australia, with a specialization in development economics. She inspired many students with her teaching and her eloquent defense of economic liberty.

This mighty treatise, her dissertation now in book format, is probably the first full Austrian treatment of development economics, with a model carved out of the writings of Menger, Mises, and Hayek. She traces an economy's progress from consumption, to distribution, to production, and demonstrates the essential preconditions that must be met for an economy to move through this trajectory.

In the second part, she reconstructs the history of England in the 200 years before the Industrial Revolution. She shows that the Industrial Revolution was not something that just happened upon England but, rather, was the result of a long build-up of capital and a long expansion of the division of labor.

In many ways, this book earns for Shenoy a high place in the history of the Austrian School. Even though it is only now being published after her death, it is a book for which she will be long remembered.

"Professor Shenoy was brilliant, remarkably learned in the social sciences, especially economics and economic and legal history, always civil and considerate in discussions and debates," writes Ralph Raico, "yet a feisty fighter for her libertarian ideas."


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by Richard Ebeling
on 6/25/2010
from Northwood University, Midland, Michigan
Towards a Theoretical Framework for Britiish and International Political Economy
Sudha Shenoy was unique in the Austrian Economic movement in that she devoted most of her economic research and writing to applying the ideas of Menger/Mises/Hayek to the "applied" area of economic history.

Her knowledge was wide and detailed about European and Asian economic development and institutional evolution. Virtually every word she ever wrote was rich with insight and thoughtful relevance to the issues of the day.

Her father, B. R. Shenoy, was unique as well. He studied at the London School of Economics and heard Hayek in 1931 deliver the lectures that became "Prices and Production." When he returned to India, he dedicated the rest of his life to explaining and defending "Austrian" free market economics at a time when Indian economic policy was all in a socialist direction.

Sudha followed in his footsteps as a profoundly gifted "Hayekian" who was equally grounded in the "Misesian" tradition. 

Everything she wrote is worth reading. 

Richard Ebeling
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ISBN 9781933550633
Publisher Ludwig von Mises Institute
Publication Date 2010
Binding PB
Page Length 533
Dimensions 6" x 9"