IDEAS home Printed from https://ideas.repec.org/a/bla/devchg/v26y1995i4p633-650.html
   My bibliography  Save this article

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

Author

Listed:
  • 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.

Suggested Citation

  • 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
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1467-7660.1995.tb00568.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1467-7660.1995.tb00568.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.
    3. Hemmer, Hans-Rimbert, 1996. "Preismechanismus, Institutionen und Armut in Entwicklungsländern," Discussion Papers in Development Economics 19, Justus Liebig University Giessen, Institute for Development Economics.
    4. Bryant, Coralie, 1996. "Strategic change through sensible projects," World Development, Elsevier, vol. 24(9), pages 1539-1550, September.
    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Francisco Alvarez-Cuadrado & Ngo Van Long, 2012. "Envy and Inequality," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(3), pages 949-973, September.
    2. Charles M. A. Clark, 2021. "Editor’s Introduction: Economics and the Option for the Poor," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(4), pages 1051-1059, September.
    3. Andrew Lynn, 2022. "Ethics, Economics, and the Specter of Naturalism: The Enduring Relevance of the Harmony Doctrine School of Economics," Journal of Business Ethics, Springer, vol. 178(3), pages 661-673, July.
    4. Alice Martini, 2019. "Socially responsible investing: from the ethical origins to the sustainable development framework of the european union," Public Finance Research Papers 36, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    5. Schnellenbach, Jan & Schubert, Christian, 2015. "Behavioral political economy: A survey," European Journal of Political Economy, Elsevier, vol. 40(PB), pages 395-417.
    6. Kouadio, Hugues Kouassi & Gakpa, Lewis-Landry, 2022. "Do economic growth and institutional quality reduce poverty and inequality in West Africa?," Journal of Policy Modeling, Elsevier, vol. 44(1), pages 41-63.
    7. David A. Weisbach, 2008. "What Does Happiness Research Tell Us About Taxation?," The Journal of Legal Studies, University of Chicago Press, vol. 37(S2), pages 293-324, June.
    8. Bauer, Johannes M., 2014. "Platforms, systems competition, and innovation: Reassessing the foundations of communications policy," Telecommunications Policy, Elsevier, vol. 38(8), pages 662-673.
    9. Richard M. Robinson, 2018. "Friendships of Virtue, Pursuit of the Moral Community, and the Ends of Business," Journal of Business Ethics, Springer, vol. 151(1), pages 85-100, August.
    10. Masahiko Aoki, 2013. "Institutions as cognitive media between strategic interactions and individual beliefs," Chapters, in: Comparative Institutional Analysis, chapter 17, pages 298-312, Edward Elgar Publishing.
    11. Torgler, Benno & Schmidt, Sascha L & Frey, Bruno S., 2006. "The Power of Positional Concerns: A Panel Analysis," Berkeley Olin Program in Law & Economics, Working Paper Series qt1z14v7zt, Berkeley Olin Program in Law & Economics.
    12. Hernández-Pizarro, Helena M. & Nicodemo, Catia & Casasnovas, Guillem López, 2020. "Discontinuous system of allowances: The response of prosocial health-care professionals," Journal of Public Economics, Elsevier, vol. 190(C).
    13. Harvey James, 2006. "Sustainable agriculture and free market economics: Finding common ground in Adam Smith," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 23(4), pages 427-438, December.
    14. Schlicht Ekkehart, 2000. "Aestheticism in the Theory of Custom," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 10(1), pages 1-21, March.
    15. Saez, Emmanuel & Stantcheva, Stefanie, 2018. "A simpler theory of optimal capital taxation," Journal of Public Economics, Elsevier, vol. 162(C), pages 120-142.
    16. repec:hal:spmain:info:hdl:2441/3ile1g7sqe8kfpi2d1e7jp82im is not listed on IDEAS
    17. Avner Offer, 2012. "Self-interest, Sympathy and the Invisible Hand : From Adam Smith to Market Liberalism," Economic Thought, World Economics Association, vol. 1(2), pages 1-1, December.
    18. Epstein, Richard A., 2016. "The two sides of Magna Carta: How good government sometimes wins out over public choice," International Review of Law and Economics, Elsevier, vol. 47(S), pages 10-21.
    19. Pienkowski, Dariusz, 2009. "Selfishness, cooperation, the evolutionary point of view and its implications for economics," Ecological Economics, Elsevier, vol. 69(2), pages 335-344, December.
    20. Alpizar, Francisco & Carlsson, Fredrik & Johansson-Stenman, Olof, 2008. "Anonymity, reciprocity, and conformity: Evidence from voluntary contributions to a national park in Costa Rica," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1047-1060, June.
    21. Finot, Iván, 1996. "Descentralización, equidad y participación en América Latina: una aproximación económica," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 30661, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:devchg:v:26:y:1995:i:4:p:633-650. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0012-155X .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.