International Economic Integration and the Changing Role of National Governments

M. Panić
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M. Panić: University of Cambridge

Chapter 3 in Globalization and National Economic Welfare, 2003, pp 72-95 from Palgrave Macmillan

Abstract: Abstract Arguments concerning the role of government in economic change have been at the centre of economic debate since the eighteenth century. Yet, if anything, they are probably even further from producing a consensus now than they were more than two hundred years ago when two eminent Scots championed the familiar, diametrically opposed views: Sir James Steuart ([1767] 1966), that the state had a critical role to play in economic development and Adam Smith ([1776] 1976), that the role would be performed much more effectively by markets guided by the invisible hand of self-interest.

Keywords: Monetary Policy; Industrial Country; National Government; Institutional Framework; Capital Flow (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51248-1_3

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DOI: 10.1057/9780230512481_3

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