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Full Description
Many economists argue that economic analysis should avoid the distributional consequences of policies. In democratic countries, however, the political power of individuals inevitably reflects their wealth and income. You cannot have a democracy when income and wealth distributions are greatly uneven. Monitoring the State or the Market explains that absolute income equality is not consistent with a market economy, yet neither is large inequality. This study provides a broad survey of major social and economic developments over the past two centuries, beginning with the Industrial Revolution and laissez faire and ending with neoliberalism and market fundamentalism. It explains how each of these periods initially brought moderation and accompanying benefits, showing that some countries, such as those in Scandinavia, have demonstrated that it is possible to have low Gini coefficients (low inequality), while preserving economic freedom and prosperity.
Contents
Part I.: 1. Introduction; 2. Early views on the economic role of the state; 3. Laissez faire and the industrial revolution; 4. The Beginning of economic reforms; 5. On resource allocation, optimality and equity; 6. On beginning of changes in the activities of governments; 7. Toward larger government roles; Part II.: 8. The Growing importance of equity and safety nets; 9. The creation of welfare states; 10. The conservative counterrevolution; 11. Different approaches to social protection; 12. The economy in the 1970s; Part III.: 13. A return to 'laissez faire'?; 14. The policies of market fundamentalism: tax reforms, globalization and deregulation; 15. The growing importance of monetary policy; 16. Equity aspects of market fundamentalism; 17. Other aspects of market fundamentalism; 18. Cultural aspects of fundamentalism; 19. Growing conflict between efficiency and equity; 20. Intellectual property and venture capitalists; 21. The world in the 21st century; 22. Impact of new economic developments on market and democracy; 23. More on economy and culture in the present time; 24. Summing up and general conclusions.
