The Origin of Economic ‘Miracles’: The Role of the State

M. Panić
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M. Panić: University of Cambridge

Chapter 3 in Globalization, 2011, pp 82-108 from Palgrave Macmillan

Abstract: Abstract Arguments concerning the role of the state in economic development have been at the centre of economic debate since the eighteenth century. Yet, if anything, they are probably even further from producing a consensus now than they were more than 200 years ago when two eminent Scots championed the familiar, diametrically opposed views: Sir James Steuart ([1767] 1966), that the state had a critical role to play in economic development; and Adam Smith ([1776] 1976), that the role would be performed much more effectively by ‘markets’ guided by the invisible hand of self-interest.

Keywords: Monetary Policy; Industrial Country; National Government; Institutional Framework; Capital Flow (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30701-8_3

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DOI: 10.1057/9780230307018_3

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