The Elusive Harmony between Government and Market Roles

2020 ◽  
pp. 179-200
Author(s):  
Vito Tanzi
Keyword(s):  
Great Depression ◽  
The State ◽  
Market Failures ◽  
New Paradigm ◽  
The Great Recession ◽  
The Great Depression ◽  
Role Of The State ◽  
New Harmony ◽  
The 1960S

At any moment in time there ought to be some harmony between the intervention of the state that the market requires (to correct its market failures), and that citizens demand (to promote equity and a desirable income distribution) and the actual government intervention. This chapter argues that such harmony may have existed in the years when laissez faire was in place and was broadly accepted by those who had political power. The harmony became less and less evident in the later decades of the nineteenth century and during the Great Depression. There seemed to have been greater harmony in the 1960s. That harmony went down in the late 1970s and in the 1980s. It might have been partly restored in the 1990s, with a different conception of the role of the state, with less state and more market, at least in some countries. The harmony broke down again with the Great Recession in 2008–10, There is now, once again, a search for a new paradigm that would indicate the existence of a new harmony.

Financing the Green Transformation — Market Failures, Government Failures and the Role of the State

2015 ◽  
pp. 7-21
Author(s):  
Ulrich Volz ◽  
Judith Böhnke ◽  
Vanessa Eidt ◽  
Laura Knierim ◽  
Katharina Richert ◽  
...  
Keyword(s):  
The State ◽  
Market Failures ◽  
Role Of The State

scholarly journals SOCIO-ECONOMIC POLICY OF UKRAINE: PROBLEMS AND SOLUTIONS

2021 ◽  
pp. 185-193
Author(s):  
О. О. Nikogosyan
Keyword(s):  
Economic Policy ◽  
Social Stratification ◽  
State Regulation ◽  
The State ◽  
Market Failures ◽  
Private Business ◽  
Present Stage ◽  
Role Of The State ◽  
The Social

The article defines the priorities of the social policy of Ukraine at the present stage. The socio-economic problems of Ukraine are analyzed, their causes and solutions are identified. It is shown that the main reason for the failures of the socio-economic policy of independent Ukraine is the uncritical attitude of Ukrainian reformers to the consequences of neoliberal policies in other countries, as a result of which foreign experience of socio-economic reforms began to be introduced without taking into account domestic specifics. The decline in the role of the state in socio-economic policy, the increase in the role of private business, the privatization of "everything and everyone" led to a sharp social stratification, an economic crisis, which became a trigger for crises in all spheres of Ukrainian society. One of the fundamental principles of neoliberal economics, deregulation, has also collapsed. It turned out that the market is not efficient in areas in which the business cannot make quick and large profits. The so-called "market failures" demonstrated the need for state regulation in the spheres of education, health care, ecology, etc. Conclusions of the study and prospects for further research in this direction. Thus, if the new government really wants to build a successful country of happy people, it must make social and economic policy its top priority. Its primary tasks at the present stage should be: reduction of tariffs for utilities by eliminating from them the corruption component and excess profits of suppliers; revision of the principles of granting subsidies for utility bills. Exclusion from the number of subsidies of those who do not need state aid, but have a formal right to receive it (they work unofficially); the fight against the shadow economy, with the concealment of income from taxation; reforming the system of wages and pensions; creation of jobs with decent wages; establishing interaction between the state and private business in order to increase the social responsibility of the latter.

scholarly journals The Facilitating State and Economic Development: The Role of the State in New Structural Economics

2017 ◽  
Vol 4 (2) ◽  
Author(s):  
Justin Yifu Lin ◽  
Xiaobing Wang
Keyword(s):  
Economic Development ◽  
The State ◽  
Limited Resources ◽  
Market Failures ◽  
Role Of The State ◽  
Dynamic Growth ◽  
Poor Infrastructure ◽  
New Structural Economics ◽  
Over Time

AbstractThis paper explores the ideas of development and the role of the state in economic development and institutional change from the New Structural Economics perspective. We argue that economic structures – including the structure of technology and industry, and hard and soft infrastructure – are endogenous to the endowment structure, which is given at any specific time and changeable over time. We advocate a state to facilitate structural change by using industrial policy to overcome market failures in order to help industries with latent comparative advantages to become competitive in the market and the state should pragmatically prioritize the use of its limited resources and implementation capability to create enclaves with favourable infrastructure and institution to jump start a dynamic growth in a country beset with poor infrastructure and institution.

scholarly journals THEORETICAL APPROACHES REGARDING STATE ROLE IN THE ECONOMY IN THE CONTEXT OF GLOBALISATION: VIEWPOINTS FROM VIETNAM’S PERSPECTIVE

2021 ◽  
Vol 7 (4(44)) ◽  
pp. 7-19
Author(s):  
Thang Long Tran
Keyword(s):  
Market Economy ◽  
State Intervention ◽  
The State ◽  
Point Of View ◽  
Market Failures ◽  
State Management ◽  
Theoretical Approaches ◽  
Role Of The State ◽  
Historical Periods

Despite its diversity, the market economy is inseparable from the role of the state. Differences between historical periods and between countries are in terms of the nature of the State, the extent and scope of the state’s intervention in the economy, and the consequences of such intervention in the market. At present, globalization asserts and demands the promotion of the role of the state and the need to adjust it to adapt to the effects of globalization. This article presents Vietnam’s point of view is that in a market economy, and particularly, in the context of globalisation, the role of the state will not be diminished, and state management and intervention are always necessary. For Vietnam, the theory which advocates state intervention in addressing market failures is a perfect suit. This will make Vietnamese economy be adaptive with requirements of market economy in the context of globalisation in one hand, but in the other hand, this will enable the state to react promptly to deal with market failures and other problems caused by the integration to the world economy.

Higher Education Confronts the Rights Revolution

2011 ◽  
Author(s):  
Christopher P. Loss
Keyword(s):  
Higher Education ◽  
Education Policy ◽  
Great Depression ◽  
Higher Education Policy ◽  
The State ◽  
Educational Opportunities ◽  
National Politics ◽  
The Great Depression ◽  
Gradual Expansion ◽  
The 1960S

This chapter explores how students' private concerns came to occupy the center of campus and national politics in the 1960s and in so doing thrust higher education into the thick of the nascent rights revolution. Students' rights-based reconstruction of the educated citizen marked a departure from the older reciprocal-based formulation that had been decisive in the creation of past higher education policy. From the 1930s through the 1950s, the state provided citizens with educational opportunities in order to repay them for their sacrifices during the Great Depression and the brutal war years that followed. But the gradual expansion of educational access and of federal involvement in higher education set in motion a sequence of unexpected social and political reactions that prepared the way for the shift from a reciprocal to a rights-based conception of the educated citizen founded on the principle of diversity.

Economic and Legal Support for Commercialization of Intellectual Property in Russia

2003 ◽  
pp. 66-76
Author(s):  
I. Dezhina ◽  
I. Leonov
Keyword(s):  
Intellectual Property ◽  
The State ◽  
Commercial Application ◽  
The West ◽  
Role Of The State ◽  
Legal Context

The article is devoted to the analysis of the changes in economic and legal context for commercial application of intellectual property created under federal budgetary financing. Special attention is given to the role of the state and to comparison of key elements of mechanisms for commercial application of intellectual property that are currently under implementation in Russia and in the West. A number of practical suggestions are presented aimed at improving government stimuli to commercialization of intellectual property created at budgetary expense.

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