The State, Markets and Development: Beyond the Neoclassical Dichotomy

Markets and the state are usually seen as opposed to each other as instruments of economic development. This important new book attempts to go beyond the state-market debate, which it sees as largely the intellectual legacy of neoclassical economics, and the related pendulum swings of opinion favouring one against the other.

Arguing that development can be hindered and fostered by both the state and markets, the contributing authors suggest that the real challenge is not to choose between them but to find ways in which their virtues can be utilized jointly to further the goals of development. The first part provides some general perspectives which critically analyse mainstream neoclassical views on states and markets while also providing some alternative approaches. The contributors to the second part examine state-market interaction in Latin America, South Korea and India.