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Full Description
The economic crisis of 2008-2009 signaled the end of the Post-Washington Consensus on restricting the role of the state in economic and development policy. Since then, state ownership and state intervention have increased worldwide. This volume offers a comparative analysis of the evolution of direct state intervention in the economy through state-owned companies in Austria, Brazil, France, Germany, Hungary, Poland, Turkey, Singapore, and Slovenia. Each case study includes substantial explanations of historical, cultural, and institutional contexts. All the contributors point to the complex nature of the current revival in state economic interventions. The few models that are successful cannot hide the potential problems of excessive state intervention, linked to high levels of moral hazard. State-owned enterprises are primary tools of market and price manipulation for political purposes. They can be used outright for rent seeking. Yet state-owned enterprises can also play important roles in prestigious national initiatives, like major public works or high-profile social and sports events. The authors conclude that after the uniform application of democratic market economic principles, the 2000s witnessed a path-dependent departure from standard economic and political operating procedures in developed countries.
Contents
Introduction: The Revival of the State
Miklós Szanyi
Chapter 1. Crisis Management in Europe: Nationalizations and Privatizations
Éva Voszka
Chapter 2. The Changing Role of the State in France: from Crisis to Crisis
Miklós Somai
Chapter 3. The Involvement of the State in the German Economy
Zsófia Naszádos
Chapter 4. The Relationship between State and Private Enterprise in the Austrian Economy
István Kőrösi
Chapter 5. Some Aspects of State Ownership in East-Central European Transition
Miklós Szanyi
Chapter 6. Listed Companies with State Ownership. The Case of Poland
Éva Ozsvald
Chapter 7. The Changing Role of the State in Slovenia: Privatizations and Banks' consolidations
Miklós Somai
Chapter 8. The Role of State Ownership in and after Hungary's Transition to Market Economy
Miklós Szanyi
Chapter 9. The Changing Role of the State in Development in Emerging Economies: The Developmental State Perspective
Judit Ricz
Chapter 10. A Successful Model of State Capitalism: Singapore
Katalin Völgyi
Chapter 11. The Changing Role of the State in the Turkish Economy
Tamás Szigetvári
Chapter 12. Strong State Influence in the Brazilian Economy: Continuity or Change?
Judit Ricz
Concluding Remarks and Further Research Agenda
Miklós Szanyi
List of Contributors
Index
