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Economic Liberalization as Development Policy: the Contemporary Debate

  • Dejene Mamo Bekana


    (School of Business Administration, Management and Trade, Adama University)

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    The essay argues that the influential neoliberal economic philosophers assume that market and price mechanisms should be promoted to achieve economic development and calls for economic liberalization undermining the role of policy instruments. The essay challenges the presuppositions of these arguments. It maintains that Selective liberalization should be pursued by governments after development of regulatory and institutional frameworks that enable governments to monitor market operation and intervene if need arises. Economic Liberalization must be interpreted in the historical and social context of the society. It then contends that economic liberalization is neither essentially evil nor good. Liberalization is better seen as following from recognitions of its deontological processes and teleological perspectives than as an ideal limit on government intervention.

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    Article provided by Department of International Business and Economics from the Academy of Economic Studies Bucharest in its journal Romanian Economic Journal.

    Volume (Year): 14 (2011)
    Issue (Month): 40 (June)
    Pages: 3-23

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    Handle: RePEc:rej:journl:v:14:y:2011:i:40:p:3-23
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    1. Peter Blair Henry, 2000. "Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices," Journal of Finance, American Finance Association, vol. 55(2), pages 529-564, 04.
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