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Outlook on the Transformation of the Market Economy and Its Stabilization

In: Economic Instability and Stabilization Policy

Author

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  • Ralf Pauly

    (Osnabrück University)

Abstract

Central banks remain the main players. Without a viable concept, they must intervene in the financial market in a variety of ways, with uncertain outcomes. Their actions are aimed at assuming economic risks from the private sector, encouraging the flow of profits and safeguarding wealth. Their interventions benefit the richer, the profit takers and the owners. They thus promote inequality. The capitalist market economy shows significant weakness. The state can only worsen the situation with its traditional stabilization policy. It must change its politics and find a new orientation.

Suggested Citation

  • Ralf Pauly, 2021. "Outlook on the Transformation of the Market Economy and Its Stabilization," Springer Books, in: Economic Instability and Stabilization Policy, chapter 0, pages 141-208, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-33626-4_4
    DOI: 10.1007/978-3-658-33626-4_4
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