Chapter

Market and State

Yujiro Hayami and Yoshihisa Godo

in Development Economics

Third edition

Published in print February 2005 | ISBN: 9780199272709
Published online October 2005 | e-ISBN: 9780191602870 | DOI: http://dx.doi.org/10.1093/0199272700.003.0009
 Market and State

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The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on the choice of development strategy between free trade and infant industry protection is examined with reference to the historical experiences of developed economies as well as recent confrontations between import substitution industrialization and the IMF-World Bank structural adjustment policies. The nature and significance of market failures versus government failures are illustrated in terms of comparisons between the Latin American Debt Crisis in the 1880s and the Asian Financial Crisis in the 1990s. The choice of the market versus the state, as well as growth versus equity, is discussed in reference to the changing paradigms in the IMF-World Bank.

Keywords: government failure; infant industry protection; IMF-World Bank; Debt Crisis; market failure; market liberalism; post-Washington Consensus; structural adjustment; Washington Consensus; Millennium Development Goals

Chapter.  28822 words. 

Subjects: Economic Development and Growth

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