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The Origin of Economic ‘Miracles’: The Role of the State

In: Globalization

Author

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  • M. Panić

    (University of Cambridge)

Abstract

Arguments concerning the role of the state in economic development have been at the centre of economic debate since the eighteenth century. Yet, if anything, they are probably even further from producing a consensus now than they were more than 200 years ago when two eminent Scots championed the familiar, diametrically opposed views: Sir James Steuart ([1767] 1966), that the state had a critical role to play in economic development; and Adam Smith ([1776] 1976), that the role would be performed much more effectively by ‘markets’ guided by the invisible hand of self-interest.

Suggested Citation

  • M. Panić, 2011. "The Origin of Economic ‘Miracles’: The Role of the State," Palgrave Macmillan Books, in: Globalization, edition 0, chapter 3, pages 82-108, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30701-8_3
    DOI: 10.1057/9780230307018_3
    as

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