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Miklós Szanyi ()
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Miklós Szanyi: Institute of World Economics, Hungarian Academy of Sciences (KRTK MTA)

Global Economic Observer, 2018, vol. 6, issue 2, 140-146

Abstract: The minimal state concept of the neo-liberal policy agenda was queried worldwide after the 2007/8 global financial crisis. Increased state intervention differed in its scope and durability in various capitalist models. Countries with stable and strong democratic political and market economic institutions witnessed a brief episode of nationalizations that was soon followed by the sale of acquired assets. However, new democracies responded differently. In most emerging market economies, post-communist and developing countries alike, increased state intervention remained in place and was used to various political purposes. These ranged from large-scale development programs to simple political rent seeking. The paper concludes that weak social and international control over political institutions may result in rolling back of democratic political institutions and drastic weakening of market economic institutions, the rule of law and competition.

Keywords: state capitalism; rent seeking; corruption; varieties of capitalism; market economy; liberal democracy (search for similar items in EconPapers)
Date: 2018-12
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