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Financial Restraint and the Market Enhancing View

In: The Institutional Foundations of East Asian Economic Development

Author

Listed:
  • Thomas Hellmann

    (Stanford University)

  • Kevin Murdock

    (Stanford University)

  • Joseph Stiglitz

    (The World Bank)

  • Andrew Sheng

    (Hong Kong Monetary Authority)

Abstract

Analysts of development have long discussed the proper role of the government in promoting economic growth. Although nuances differ, in general, two distinct approaches have dominated, one emphasizing the role of the market, the other emphasizing the role of the state in promoting development. The Market Friendly View (World Bank, 1993) presumes that — in the absence of inefficient government intervention — the market generally functions efficiently, and so the government should act to ensure secure property rights and competition, but otherwise not interfere in economic activity. In contrast, the Developmental State View (Johnson, 1982; Amsden, 1989; Wade, 1990) presumes that market failure is pervasive and thus government intervention is necessary to mobilize savings, allocate resources efficiently and promote technological catch-up.

Suggested Citation

  • Thomas Hellmann & Kevin Murdock & Joseph Stiglitz & Andrew Sheng, 1998. "Financial Restraint and the Market Enhancing View," International Economic Association Series, in: Yujiro Hayami & Masahiko Aoki (ed.), The Institutional Foundations of East Asian Economic Development, chapter 9, pages 255-284, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26928-0_9
    DOI: 10.1007/978-1-349-26928-0_9
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    Cited by:

    1. Oana Georgiana AMARANDEI, 2015. "INSTITUTIONAL CHANGES IN EMERGING EUROPE Abstract : The recent global economic crisis has created new conditions and situations for the economic environment and therefore, in this context the rethinki," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 4(Special I), pages 1-14, august.
    2. Ms. Edda Zoli & Danyang Xie & Reza Vaez-Zadeh, 2002. "Modis: A Market-Oriented Deposit Insurance Scheme," IMF Working Papers 2002/207, International Monetary Fund.
    3. Reza Vaez-Zadeh & Danyang Xie & Edda Zoli, 2002. "MODIS: A Market-Oriented Deposit Insurance Scheme," Finance 0212001, University Library of Munich, Germany.

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