 Why We Need a Structured MarketChapter 9 in Poverty, Prosperity and the World Economy, 1995, pp 187-209 from Palgrave Macmillan Abstract: Abstract The 1980s saw a victory of the market over planning. The intellectual battle was initiated earlier — for developed countries by von Hayek and then Milton Friedman, for developing countries by Little, Scott and Scitovsky in the early 1970s. At first, strong laissez-faire market views were regarded as an intellectual curiosum, but gradually they achieved dominance among governments of major industrialized countries, especially under Reagan and Thatcher, and in the World Bank in the Barber/Krueger/Stern era. (No change was recorded in the IMF, where such views had always held sway.) The intellectual change was translated into policy change in developing countries during the 1980s as the industrialized countries, largely operating through the IMF and the World Bank, gained unprecedented (for the post-colonial era) power over decision-making, following the debt-crunch and the subsequent prevalence of policy conditionality. A laissez-faire approach with an enhanced role for the market and a diminished role for the state lay at the heart of the policy conditionality of both Fund and Bank. Keywords: World Economy; Social Goal; Human Development Report; Real Externality; Unregulated Market (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-13658-2_9 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-13658-2_9 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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