State and Market: Alternatives to Development

R. C. Mascarenhas
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R. C. Mascarenhas: Victoria University of Wellington

Chapter 4 in Comparative Political Economy of East and South Asia, 1999, pp 44-66 from Palgrave Macmillan

Abstract: Abstract The market has been regarded as an efficient mechanism for resource allocation because of the impersonal interaction involved as producers and consumers trade goods and services, the price of which is dictated by factors of demand and supply. This neoclassical concept of the market, the engine of modern capitalism, has not effectively functioned in TW countries and is unlikely to promote types of investment necessary for development (Arndt, 1988). This has led developmental economists to reject the neoclassical reliance on the market in favour of the state having to play a significant role in promoting development.

Keywords: Economic Performance; Structural Adjustment; Authoritarian State; Korean Economy; East Asian Economy (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-98353-9_4

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DOI: 10.1057/9780333983539_4

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