Insider Democracy

Steven Rosefielde and Daniel Quinn Mills

Chapter 3 in Global Economic Turmoil and the Public Good, 2015, pp 37-56 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Most of us strive to maximize our productivity and efficiency because in doing so we earn the highest incomes, optimally accumulate wealth and consume over the course of our lives. These good intentions may be thwarted by the market power of corporations or government dictate. Adam Smith showed more than two centuries ago that the losses caused by market power could be mitigated by free competition, and demonstrated that if government were kept in check, competitive markets would augment individual wealth and the wealth of nations. Smith's formula for prosperity was rationality, business competition and responsible government…

Keywords: Global Economic Crisis; Global Financial Crisis; Crisis Prevention; Global Economic Sclerosis; European Union; Monetary Union; Fiscal Union; United States; China; India; Japan; Monetary Policy; Keynesianism; Central Banking; Fiscal Policy (search for similar items in EconPapers)
Date: 2015
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