Managed Capitalism versus the Small State: Which is the Formula for Capitalist Success?

Patrick Clawson

Chapter 6 in Economics as Worldly Philosophy, 1993, pp 145-160 from Palgrave Macmillan

Abstract: Abstract Heilbroner has argued that capitalism’s success has relied, despite the objections of many businessmen, on increasing state intervention. In this century, the government has taken on greater responsibility for aggregate demand management; regulation for purposes ranging from safety and environment to curtailment of oligopoly; and industrial policy. This perspective seems to conflict with the conventional wisdom that growth comes from freeing markets, as evidenced both by the success of the Four Tigers in East Asia and by the better growth record in the US and the UK than in European countries suffering from Eurosclerosis (legislation and customs that inhibit economic flexibility), much less the miserable experience of the Soviets.

Keywords: Market Failure; Allocative Efficiency; Manage Capitalism; Heavy State; World Development Report (search for similar items in EconPapers)
Date: 1993
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DOI: 10.1007/978-1-349-22572-9_6

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