Economic policy ? state versus market controversy
DOI:
https://doi.org/10.12775/EQUIL.2015.001Keywords:
economic policy, ‘market-centric’ model, role of the state, economic governanceAbstract
There was a wide ranging debate in the 1950s and 1960s in the developing countries about the role of the state in their economy when these countries attained independence, with developing their economies and eradicating poverty and backwardness being seen as their key priority. In the post-World War II period, the all-pervasive ?laissez-faire? model of development was rejected, because during the pre-war period such policies had failed to resolve the economic crisis. Therefore, Keynesian interventionist economic policies were adopted in most of those countries. This is a theoretical paper, which is based on a review of published papers in the field of economic policies, especially about the debate on the role of the state and market. In this study, a wide range of data sources are presented, which includes statistics generated by a number of organisations that are not agencies of a particular government. This is useful since data are compiled by a wide range of organisation such as IMF, World Bank and WTO. Secondary data would help our study to answer the research questions. There seems to be greater potential for examining statistical data produced by various organisations that are relatively independent of the national government.
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References
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Amsden, A. (2009b). The Rise of ?The Rest?: Challenges to the West from Late-Industrialising Countries. London: Oxford University Press.
Amsden, A. (1989). Asia?s Next Giant: South Korea and Late Industrialisation. Oxford: Oxford University Press.
Bhagwati, J. N. (1982). Directly Unproductive Profit Seeking (DUP) Activities. Journal of Political Economy, 90(5).
Chang, Ha-Joon (2007). Bad Samaritans. London: RH Business Books.
Chang, Ha-Joon (2002). Breaking the Mould: an institutionalist political economy alternative to the neoliberal theory of market and state. Cambridge Journal of Economics, 26(5). doi:10.1093/cje/26.5.539.
Cowling, K., & Tomlinson, P. R. (2011). Post the ?Washington Consensus?: economic governance and the industrial strategies of the 21st century. Cambridge Journal of Economics, 35(5). doi:10.1093/cje/ber003.
Eberhard, A. (2005). From State to Market and Back Again ? South Africa?s Power Sector Reforms. Economic and Political Weekly, 10th December.
Fine, Ben, Saraswati, J., & Tavasci, D. (Eds.) (2003). Beyond the Developmental State: Industrial Policy into the 21st Century. London: Pluto.
Friedman, T. (1999). The Lexus and the Olive Tree. New York: Farrar, Strauss.
Girdner, E. J., & Siddiqui, K. (2008). Neoliberal Globalization, Poverty Creation and Environmental Degradation in Developing Countries. International Journal of Environment and Development, 5(1).
Goldsmith, A. A. (1995). The State, the Market and Economic Development: A Second Look at Adam Smith in Theory and Practice. Development and Change. 26(4). doi: 10.1111/j.1467-7660.1995.tb00568.x.
Harcourt, W. (2014). The Future of Capitalism ? a consideration of alternatives. Cambridge Journal of Economics. 38(6), doi:10.1093/cje/bet048.
Hirschman, A. (1982). Shifting Involvement, Princeton, NJ: Princeton University Press.
Kitson, M. (2005). The American Economic Model and the European Economic Policy. Regional Studies, 39(7). doi:10.1080/00343400500290075.
Krueger, A. (1974). The Political Economy of the Rent Seeking Society, American Economic Review, 64.
List, F. (1966). The National System of Political Economy. New York: Augustus Kelley.
Little, I. (1982). Economic Development: Theory Policy and International Relations. New York: Basic Books.
Narcis, S., & Stiglitz J. (Eds.) (2009). The Washington Consensus Reconsidered. Oxford: Oxford University Press.
Perelman, M. (2011). The Invisible Handcuffs: How Market Tyranny Stifles the Economy by Stunting Workers. New York: Monthly Press.
Polanyi, K. (1957). The Great Transformation, Boston. MA: Beacon Press.
Rasiah, R., & Shari, I. (2001). Market, Government and Malaysia?s New Economic Policy. Cambridge Journal of Economics, 25(1). doi:10.1093/cje/25.1.57.
Ruparelia, S., Reddy, S., & Corbridge, S. (Eds.) (2011). Understanding India?s New Political Economy. London: Routledge.
Shapiro, H., & Moreno-Brid, J.C. (2014). Alice Amsden?s Impact on Latin America. Brazilian Journal of Political Economy, 34(2).
Sen, A. (1999). Development as Freedom. London: Oxford University Press.
Siddiqui, K. (2014a). Growth and Crisis in India?s Political Economy from 1991 to 2013. International Journal of Social and Economic Research, 4(2). DOI:10.5958/2249-6270.2014.00487.5.
Siddiqui, K. (2014b). Higher Education in the Era of Globalisation, International Journal of Humanities and Social Science, 3(2).
Siddiqui, K. (2013). A Review of Pakistan?s Political Economy. Asian Profile. 41(1).
Siddiqui, K. (2012a). Malaysia?s Socio-Economic Transformation in Historical Perspective. International Journal of Business and General Management, 1(2).
Siddiqui, K. (2012b). Developing Countries Experience with Neoliberalism and Globalisation. Research in Applied Economics, 4(4). DOI:http://dx.doi.org/ 10.5296/rae.v4i4.2878.
Siddiqui, K. (2010a). Globalisation and Neo-liberal Economic Reforms in India: A Critical Review. In: S. K. Pramanick, R. Ganguly (Eds.). Globalization in India: New Frontiers and Emerging Challenges. New Delhi: Prentice Hall.
Siddiqui, K. (2010b). The Political Economy of Development in Singapore. Research in Applied Economics, 2(2). DOI: http://dx.doi.org/10.5296/rae.v2i2.
Siddiqui, K. (2009). The Political Economy of Growth in China and India. Journal of Asian Public Policy, 1(2). DOI: 10.1080/17516230902734528.
Siddiqui, K. (1999). New Technology and Process of Differentiation: Two Sugarcane Cultivating Villages in UP, India. Economic and Political Weekly, 34(52).
Siddiqui, K. (1994a). World Bank: 50 Years of neo-liberalism and Diktat. The Nation, 5th & 6th September.
Siddiqui, K. (1994b). The Economic Philosophy of Neo-liberalism. The Nation, 20th September
Smith, A. (1937). An Enquiry into the Nature and Origin of the Wealth of Nations. New York: Modern Library.
Smith, A. (1976). The Theory of Moral Sentiments. Oxford: Claredon.
Stiglitz, J. (2006). Making Globalisation Work. London, Penguin Books.
Wade, R. (2009). From Global Imbalances to Global Reorganisations. Cambridge Journal of Economics, 33.
Wade, R. (2004). Governing the Market. New Jersey: Princeton University Press.
Williamson, J. (2003). The Meaning of the Washington Consensus. World Development, 21(8).
World Bank (1993). The East Asian Miracle: Economic Growth and Public Policy. New York: Oxford University Press.
