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State and Market: Alternatives to Development

In: Comparative Political Economy of East and South Asia

Author

Listed:
  • R. C. Mascarenhas

    (Victoria University of Wellington)

Abstract

The market has been regarded as an efficient mechanism for resource allocation because of the impersonal interaction involved as producers and consumers trade goods and services, the price of which is dictated by factors of demand and supply. This neoclassical concept of the market, the engine of modern capitalism, has not effectively functioned in TW countries and is unlikely to promote types of investment necessary for development (Arndt, 1988). This has led developmental economists to reject the neoclassical reliance on the market in favour of the state having to play a significant role in promoting development.

Suggested Citation

  • R. C. Mascarenhas, 1999. "State and Market: Alternatives to Development," Palgrave Macmillan Books, in: Comparative Political Economy of East and South Asia, chapter 4, pages 44-66, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98353-9_4
    DOI: 10.1057/9780333983539_4
    as

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