Policy Framework: State and Market
The focus of this chapter is to analyze the role of government in regulating the various sectors of the economy and its response to market failures. Institutions as central to the economy as government, business, and law have been reformed from generation to generation, and an awareness of past changes in these institutions is needed to appreciate the significance of present day events.
Whatever one may think of a market-driven economy, no one would want a completely market-driven society; hence, the universal agreement on the need for laws, rules, and institutions to govern the functioning of markets and of individual and corporate behavior. What these look like is, of course, the very stuff of politics, ...
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