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The Old and the New Political Economy

In: Market or Government Failures?

Author

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  • A. S. Bhalla

    (University of Cambridge)

Abstract

In the 1950s and 1960s it was rare to find any mention of government failures or of national or global governance. Economic policies and government intervention were justified to overcome market failures or imperfections. In the world of today, the opposite view prevails: that is, almost all economic ills are ascribed to government failures and faulty macroeconomic and sectoral policies. A shift towards a market system involves competition and incentives which are seen as driving forces towards efficiency in resource allocation and use, as well as accelerated economic growth.

Suggested Citation

  • A. S. Bhalla, 2001. "The Old and the New Political Economy," Palgrave Macmillan Books, in: Market or Government Failures?, chapter 1, pages 1-23, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62920-2_1
    DOI: 10.1057/9780230629202_1
    as

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