Who Is The Master? Who Is The Servant? Market Or Government? An Alternative Approach: Towards A Coordination System
The main purpose of this paper is to discuss the limitations of the market and the risks of government failure, and to present an alternative approach on coordination of economic activities by introducing the concept of “coordination system”. In such a system, economic activities are coordinated by market, firms and government requiring the availability of “non-price factors” such as infrastructure, institutions and organizations. This approach is practical, country specific and dynamic. It is practical because it is based on the realities of the world economy and the situations of developing countries. It is country specific because the relative role of each coordination mechanism – market, government and enterprises – changes from one country to another, depending on their level of development and other socio-economic characteristics. It is dynamic because in each country the relative role of each mechanism changes over time during the course of economic development of the country.
|Date of creation:||2004|
|Contact details of provider:|| Postal: Palais des Nations, CH - 1211 Geneva 10|
Phone: +41 22 907 12 34
Fax: +41 22 907 00 43
Web page: http://www.unctad.org/Templates/Page.asp?intItemID=2101&lang=1
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Prebisch, Raúl, 1950. "The economic development of Latin America and its principal problems," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 29973, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
- Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999.
"What caused the Asian currency and financial crisis?,"
Japan and the World Economy,
Elsevier, vol. 11(3), pages 305-373, October.
- Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998. "What Caused the Asian Currency and Financial Crisis?," Temi di discussione (Economic working papers) 343, Bank of Italy, Economic Research and International Relations Area.
- Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
- Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 369-405.
- Krueger, Anne O, 1990. "Government Failures in Development," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 9-23, Summer.
- Anne O. Krueger, 1990. "Government Failures in Development," NBER Working Papers 3340, National Bureau of Economic Research, Inc.
- Arndt, H. W., 1985. "The origins of structuralism," World Development, Elsevier, vol. 13(2), pages 151-159, February.
- Stiglitz, Joseph E., 1988. "Economic organization, information, and development," Handbook of Development Economics,in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 1, chapter 5, pages 93-160 Elsevier.
- Stiglitz, J.E., 1988. "Economic Organization, Information And Development," Papers 21, Princeton, Woodrow Wilson School - Discussion Paper.
- Marcus Noland & Li-Gang Liu & Sherman Robinson, 1998. "Global Economic Effects of the Asian Currency Devaluations," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa56, November.
- Marcus Noland & Li-Gang Liu & Sherman Robinson, 1998. "Global Economic Effects of the Asian Currency Devaluations," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa56, February.
- Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 141-162, April.
- Nicholas Kaldor, 1975. "What is Wrong with Economic Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 89(3), pages 347-357.
- Streeten, Paul, 1987. "Structural adjustment: A survey of the issues and options," World Development, Elsevier, vol. 15(12), pages 1469-1482, December.
- G. M. Meier, 1993. "The new political economy and policy reform," Journal of International Development, John Wiley & Sons, Ltd., vol. 5(4), pages 381-389, July.
- Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
- Dani Rodrik, 1996. "Why Do More Open Economies Have Bigger Governments?," NBER Working Papers 5537, National Bureau of Economic Research, Inc.
- Rodrik, Dani, 1996. "Why do More Open Economies Have Bigger Governments?," CEPR Discussion Papers 1388, C.E.P.R. Discussion Papers.
- Mehdi SHAFAEDDIN, 1998. "How Did Developed Countries Industrialize? The History Of Trade And Industrial Policy: The Cases Of Great Britain And The Usa," UNCTAD Discussion Papers 139, United Nations Conference on Trade and Development.
- Stiglitz, Joseph E, 1989. "Markets, Market Failures, and Development," American Economic Review, American Economic Association, vol. 79(2), pages 197-203, May.
- Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters,in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
- Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
- Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-1255, December.
- Williams, Martin & Laumas, Prem S, 1984. "Economies of Scale for Various Types of Manufacturing Production Technologies in an Underdeveloped Economy," Economic Development and Cultural Change, University of Chicago Press, vol. 32(2), pages 401-412, January.
- Leibenstein, Harvey, 1989. "Organizational economics and institutions as missing elements in economic development analysis," World Development, Elsevier, vol. 17(9), pages 1361-1373, September.
- H. W. Arndt, 1955. "External Economies In Economic Growth," The Economic Record, The Economic Society of Australia, vol. 31(1-2), pages 192-214, May.
- Tibor Scitovsky, 1954. "Two Concepts of External Economies," Journal of Political Economy, University of Chicago Press, vol. 62, pages 143-143.
- Arndt, Heinz W., 1988. ""Market failure" and underdevelopment," World Development, Elsevier, vol. 16(2), pages 219-229, February.
- Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," NBER Working Papers 3577, National Bureau of Economic Research, Inc.
- Stewart, Frances & Ghani, Ejaz, 1991. "How significant are externalities for development?," World Development, Elsevier, vol. 19(6), pages 569-594, June.
- Chang, Ha-Joon, 1993. "The Political Economy of Industrial Policy in Korea," Cambridge Journal of Economics, Oxford University Press, vol. 17(2), pages 131-157, June.
- Jagdish N. Bhagwati, 1978. "Anatomy and Consequences of Exchange Control Regimes," NBER Books, National Bureau of Economic Research, Inc, number bhag78-1.
- Stern, Nicholas, 1989. "The Economics of Development: A Survey," Economic Journal, Royal Economic Society, vol. 99(397), pages 597-685, September.
- George J. Stigler, 1967. "Imperfections in the Capital Market," Journal of Political Economy, University of Chicago Press, vol. 75, pages 287-287.
- Mick Moore & Chris Kyle & Ian Scoones & Alan Gilbert & Helen Hintjens & Carlyn Ramlogan & Emanuel de Kadt & George Philip & Nici Nelson & Geraldine Lievesley & Madeleine Tress & Ruth Pearson & Ha-Joon, 1997. "Book reviews," Journal of Development Studies, Taylor & Francis Journals, vol. 33(3), pages 421-441. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:unc:dispap:175. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joerg Mayer)
If references are entirely missing, you can add them using this form.