Market Versus Government in an Age of Globalization

Grzegorz W. Kolodko
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Grzegorz W. Kolodko: Kozminski University

Chapter 5 in Whither the World: The Political Economy of the Future, 2014, pp 119-157 from Palgrave Macmillan

Abstract: Abstract Pragmatic economists have known for some time now that the market economy thrives best where it is based on solid government institutions. Then it’s simply more efficient, and nothing contributes more to prosperity than efficiency. Rather than competing with one another, market and government are mutually complementary. They are two indispensable parts of an integral whole rather than an either-or alternative. The latter approach is typical of a primitive economics rather than of an honest and modern social thought. Free market is to efficient market like anarchy is to representative democracy.

Keywords: Gross Domestic Product; Political Economy; Central Government; Public Expenditure; National Income (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46574-0_5

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DOI: 10.1057/9781137465740_5

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