The Old and the New Political Economy

A. S. Bhalla
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A. S. Bhalla: University of Cambridge

Chapter 1 in Market or Government Failures?, 2001, pp 1-23 from Palgrave Macmillan

Abstract: Abstract In the 1950s and 1960s it was rare to find any mention of government failures or of national or global governance. Economic policies and government intervention were justified to overcome market failures or imperfections. In the world of today, the opposite view prevails: that is, almost all economic ills are ascribed to government failures and faulty macroeconomic and sectoral policies. A shift towards a market system involves competition and incentives which are seen as driving forces towards efficiency in resource allocation and use, as well as accelerated economic growth.

Keywords: Transaction Cost; Political Economy; Financial Market; Market Failure; Predatory State (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62920-2_1

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DOI: 10.1057/9780230629202_1

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