The State,The Market and Economic Development: A Second Look at Adam Smith in Theory and Practice |
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Authors: | Arthur A. Goldsmith |
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Abstract: | This article looks at the place of government in the development of market economies. Using ideas from Adam Smith, and illustrations from Anglo-American economic history, it shows how government was deeply involved in creating the conditions for capitalism and in moulding a sustaining environment for private enterprise. Despite the claims of contemporary laissez-faire ideology to the contrary, the emergence and the maintenance of a capitalist economic system always depend, at least in part, on an effective state. |
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