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Migration is defined as movement of people, especially of whole groups, from one place, region, or country to an other, particularly with the intention of making permanent settlement in a new location (Microsoft Encarta). Migration is as old as the beginnings of human evolution, and in the distant past migrations were localized, slow, and gradual processes taking centuries or even longer to establish significant populations in a given region or country. The populations, therefore, possessed unique and highly homogeneous characteristics of race, religion, culture, traditions, or language. From the oldest periods of civiliza tion, India attracted migrants from different parts of the neighboring regions and continents (notably, Middle east, China, and Africa) owing to its warm weather, wealth of natural resources, spices, and so forth. Like wise, India also be came a prominent country from where people migrated to different parts of the world, first to the neighboring lands (Burma, Indonesia, Malaysia, Thailand, and Bali) and then to distant countries (several African countries, for example, Uganda, South Africa, Mauritius). More recently, migration of Indians has been mostly to the Western Europe and USA.

The centralized, command models emphasized social welfare and equity, whereas in free market conditions, the market participants are primarily governed by the demand and supply factors and their objective of wealth maximization. The tension between these two approaches is most evident in the structure and organization of financial markets. This paper presents an analysis and examination of the feasibility of the commonweal principle in free market environments and offers a preliminary empirical approach to investigate this issue further.