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Credible Liberalization: Beyond the Three Theorems of Neoclassical Welfare Economics

In: Economics in a Changing World

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  • Peter J. Hammond

    (Stanford University)

Abstract

The world economy is undergoing startling change. Almost every country has been moving towards freer markets and extensions of the private enterprise capitalist system. Of late the process has been most marked, I suppose, in China during the early 1980s and the more recently in the amazing transformation of the formerly communist nations of Eastern Europe. But nations belonging to the Organization for Economic Co-operation and Development (OECD) have also privatized state-owned industries, deregulated private industry, freed international trade and capital movements, and seem intent on further liberalizations. Meanwhile the aid, loans and debt relief to developing countries provided by the World Bank, the International Monetary Fund (IMF) and other lending agencies appear to be tied more and more to schemes that extend the influence of competition in world markets upon each nation’s economic system.

Suggested Citation

  • Peter J. Hammond, 1993. "Credible Liberalization: Beyond the Three Theorems of Neoclassical Welfare Economics," International Economic Association Series, in: Dieter Bös (ed.), Economics in a Changing World, chapter 2, pages 21-39, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-22988-8_2
    DOI: 10.1007/978-1-349-22988-8_2
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    Cited by:

    1. Chichilnisky, Graciela & Hammond, Peter J., 2016. "The Kyoto Protocol and Beyond: Pareto Improvements to Policies that Mitigate Climate Change," CAGE Online Working Paper Series 287, Competitive Advantage in the Global Economy (CAGE).
    2. Mongin, Philippe, 2019. "Interview of Peter J. Hammond," CRETA Online Discussion Paper Series 50, Centre for Research in Economic Theory and its Applications CRETA.
    3. Gligorov, Vladimir, 2009. "Mobility and Transition in Integrating Europe," MPRA Paper 19198, University Library of Munich, Germany.
    4. Hammond, Peter J, 2018. "Allocation Mechanisms, Incentives, and Endemic Institutional Externalities," The Warwick Economics Research Paper Series (TWERPS) 1162, University of Warwick, Department of Economics.
    5. Brian Blankespoor & M Shahe Emran & Forhad Shilpi & Lu Xu, 2022. "Bridge to bigpush or backwash? Market integration, reallocation and productivity effects of Jamuna Bridge in Bangladesh [Agricultural technology choice and transport]," Journal of Economic Geography, Oxford University Press, vol. 22(4), pages 853-871.

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