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The State, The Market and Economic Development: A Second Look at Adam Smith in Theory and Practice

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  • Arthur A. Goldsmith

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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  • Arthur A. Goldsmith, 1995. "The State, The Market and Economic Development: A Second Look at Adam Smith in Theory and Practice," Development and Change, International Institute of Social Studies, vol. 26(4), pages 633-650, October.
    • Handle: RePEc:bla:devchg:v:26:y:1995:i:4:p:633-650
    DOI: 10.1111/j.1467-7660.1995.tb00568.x
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    References listed on IDEAS

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    1. Smith, Adam, 1759. "The Theory of Moral Sentiments," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1759.
    2. Streeten, Paul, 1993. "Markets and states: Against minimalism," World Development, Elsevier, vol. 21(8), pages 1281-1298, August.
    3. Kiren Aziz Chaudhry, 1993. "The Myths of the Market and the Common History of Late Developers," Politics & Society, , vol. 21(3), pages 245-274, September.
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    Cited by:

    1. Mehdi SHAFAEDDIN, 1998. "How Did Developed Countries Industrialize? The History Of Trade And Industrial Policy: The Cases Of Great Britain And The Usa," UNCTAD Discussion Papers 139, United Nations Conference on Trade and Development.
    2. Bryant, Coralie, 1996. "Strategic change through sensible projects," World Development, Elsevier, vol. 24(9), pages 1539-1550, September.
    3. Abigail Stiglingh & Lerato Mothibi, 2019. "The link between government expenditure and debt as potential drivers of economic growth in South Africa," Proceedings of International Academic Conferences 9912043, International Institute of Social and Economic Sciences.
    4. Hemmer, Hans-Rimbert, 1996. "Preismechanismus, Institutionen und Armut in Entwicklungsländern," Discussion Papers in Development Economics 19, Justus Liebig University Giessen, Institute for Development Economics.
    5. Kalim Siddiqui, 2015. "Economic Policy – State Versus Market Controversy," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 10(1), pages 9-32, March.

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