Description
Privatize, liberalize, deregulate, downsize the state...Have economists got what they want? There is much debate today as to whether the free market approach to economics has finally run its course, This text considers the arguments. Non-polemical in its approach, the text provides an appraisal of the market and its alternatives, backed up with empirical international illustrations. It summarizes why many economists believe that markets are best, explores how even market failures can be given market solutions, and asks why market ideas seem to have taken such a firm hold. Alan Shipman argues that the static and dynamic cases for market superiority rest on two very different views of markets information processing and co-ordinating capacities. By identifying the wide transaction area between market and plan, he concludes that the revolution to date lies less in recreating market outcomes than in redefining the market process, with large businesses playing a crucial organizing role.
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