EconPapers    
Economics at your fingertips  
 

Community, Market and State in Development: An Introduction

Keijiro Otsuka () and Kaliappa Kalirajan ()

Chapter 1 in Community, Market and State in Development, 2010, pp 3-10 from Palgrave Macmillan

Abstract: Abstract The classical economists rejected the mercantilist doctrine of state intervention and regulation, and called for a retrenchment of state activity in order to allow for the operation of free-market forces. However, a market cannot exist in a vacuum. It is artificially created, and can function only if the players in the market, such as producers, wholesale traders, retailers, and consumers, follow the rules of the free market. The implication here is that the government has to play a very positive role to encourage the smooth functioning of the market by enforcing rules and regulations to eliminate constraints to overall economic growth and development. Thus, the successful operation of a free-market economy is greatly dependent on the effective functioning of the competent government.

Keywords: Social Capital; Family Firm; Market Failure; Industrial Cluster; Contract Enforcement (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29501-8_1

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230295018

DOI: 10.1057/9780230295018_1

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2025-04-01
Handle: RePEc:pal:palchp:978-0-230-29501-8_1