Reflections on Economic Liberalism
AbstractThe dismantling of the central planning system in China and the renaissance of a market economy have dramatically increased the overall reputation of economic liberalism in our country. And, yet, despite these developments on the ground, the theory of economic liberalism with its emphasis on individual economic choice and the central role of the market has been challenged on the issue of the state. To wit, the implication of economic liberalism and its core idea of >i>laissez-faire>/i> is to eliminate government policy-making altogether, thereby creating a kind of "anarchism." This has led some to abuse the concept of economic liberalism while others outright negate it. In practical terms, the former view has led people to ignore the proper functions of government and other institutional arrangements by subjecting each and every problem and social ill to the dictates of the private economy, even where market forces are obviously inappropriate. This has not only decreased the overall efficiency of the market economy, but it has also led many in our society to lose confidence in and cast doubt on the market itself. In the latter case, market haters in China have used this over-extension of the market to criticize and attack the fundamental theoretical construct of economic liberalism, hoping to negate entirely its practical value.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Chinese Economy.
Volume (Year): 32 (1999)
Issue (Month): 4 (July)
Contact details of provider:
Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=110901
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen).
If references are entirely missing, you can add them using this form.