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Community, Market and State in Development: An Introduction

In: Community, Market and State in Development

Author

Listed:
  • Keijiro Otsuka
  • Kaliappa Kalirajan

Abstract

The classical economists rejected the mercantilist doctrine of state intervention and regulation, and called for a retrenchment of state activity in order to allow for the operation of free-market forces. However, a market cannot exist in a vacuum. It is artificially created, and can function only if the players in the market, such as producers, wholesale traders, retailers, and consumers, follow the rules of the free market. The implication here is that the government has to play a very positive role to encourage the smooth functioning of the market by enforcing rules and regulations to eliminate constraints to overall economic growth and development. Thus, the successful operation of a free-market economy is greatly dependent on the effective functioning of the competent government.

Suggested Citation

  • Keijiro Otsuka & Kaliappa Kalirajan, 2010. "Community, Market and State in Development: An Introduction," Palgrave Macmillan Books, in: Keijiro Otsuka & Kaliappa Kalirajan (ed.), Community, Market and State in Development, chapter 1, pages 3-10, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29501-8_1
    DOI: 10.1057/9780230295018_1
    as

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