Book contents
- Monitoring the State or the Market
- Monitoring the State or the Market
- Copyright page
- Contents
- Preface
- Acknowledgments
- Part I The Period until the Great Depression
- Part II From Laissez Faire to Welfare States: 1930 to 1970
- Part III The Period after the 1970s
- 13 A Return to Laissez Faire?
- 14 The Policies of Market Fundamentalism
- 15 The Growing Importance of Monetary Policy
- 16 Equity Aspects of Market Fundamentalism
- 17 Other Aspects of Market Fundamentalism
- 18 Cultural Aspects of Market Fundamentalism
- 19 Growing Conflict between Efficiency and Equity
- 20 Intellectual Property and Venture Capitalists
- 21 The World in the Twenty-First Century
- 22 The Impact of New Economic Developments on the Market and Democracy
- 23 More on Economy and Culture in the Present Time
- 24 Some Summing Up and Concluding Observations
- References
- Index
17 - Other Aspects of Market Fundamentalism
from Part III - The Period after the 1970s
Published online by Cambridge University Press: 07 December 2023
- Monitoring the State or the Market
- Monitoring the State or the Market
- Copyright page
- Contents
- Preface
- Acknowledgments
- Part I The Period until the Great Depression
- Part II From Laissez Faire to Welfare States: 1930 to 1970
- Part III The Period after the 1970s
- 13 A Return to Laissez Faire?
- 14 The Policies of Market Fundamentalism
- 15 The Growing Importance of Monetary Policy
- 16 Equity Aspects of Market Fundamentalism
- 17 Other Aspects of Market Fundamentalism
- 18 Cultural Aspects of Market Fundamentalism
- 19 Growing Conflict between Efficiency and Equity
- 20 Intellectual Property and Venture Capitalists
- 21 The World in the Twenty-First Century
- 22 The Impact of New Economic Developments on the Market and Democracy
- 23 More on Economy and Culture in the Present Time
- 24 Some Summing Up and Concluding Observations
- References
- Index
Summary
The economy is characterized by growing complexity and “Termites” and complexity affect the democratic process. Technological developments in recent decades have facilitated the creation of rents allowing some individuals to extract very large compensations from the economic activities. This has led some observers to describe the present market and capitalist system as “crony capitalism”. That system is also affected by the existence of “lemons” using Ackerlof’s terminology. Lemons and fake products are now frequent in the economic exchanges, raising questions as the contribution of many market exchanges to welfare. Termites have also affected the exchanges between citizens and governments and in some cases have created “legal jungles.”
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- Monitoring the State or the MarketFrom Laissez Faire to Market Fundamentalism, pp. 128 - 133Publisher: Cambridge University PressPrint publication year: 2023