Market Effectiveness vs. Capability of State
Article Sidebar
Main Article Content
Abstract
The concept of effective market and - in this context - capable state can be discussed from the perspective of institutional economy. This indicates that generalizations are made on the basis of observing the economy rather than through its modeling. Processes in Japanese economy within the time of industrialization and dynamic growth after the Second World War prove the presented thesis. In this particular case structural policy confirms the capability of state in creating conditions for market players that facilitate effective competitiveness. The capability of state resulted from dynamic balance of forces between economic bureaucrats representing the state and representatives of large industrial-financial groups. The bargaining power of state in private ownership-based economy was reflected in the state's right to have a part of currency reserves at its disposal. Disbursing these scarce reserves in tranches of credit to private sector, the state could influence decisions of leading economic entities. The analysed case proves the thesis that neither the state itself nor the market alone decides about economic success in market economy. And reversely, a spectacular success in international competition is often an aftermath of state-market symbiosis. (original abstract)
Article Details
References
Bringing the State Back In, red. P. Evans, D. Rueschemeyer, T. Skockpol, Cambridge University Press, Cambridge 1985.
Buchanan J., The Political Economy of the Welfare State, The Industrial Institute of Economic and Social Research, Stockholm 1988.
Callaghy T. M., Toward State Capability and Embedded Liberalism in the Third World: Lessons for Adjustment w: Fragile Coalitions: The Politics of Economic Adjustment, red. J.M. Nelson, Overseas Development Council, Washington D.C., 1989.
Evans P., State Structures, Government-Business Relations, and Economic Transformation, w: Business and the State in Developing Countries, red. S.
Maxfield, B. R. Schneider, Cornell University Press, Ithaca and London 1997.
Evans, P., The State as Problem and Solution: Predation, Embedded Autonomy and Structural Change, w: The Politics of Economic Adjustment, red. S. Haggard and R.R. Kaufman, Princeton University Press, Princeton 1992.
Galbraith J. K. Ekonomia a cele społeczne, PWN, Warszawa 1979.
Galbraith J. K., Społeczenstwo dobrobytu - państwo przemysłowe, PIW, Warszawa 1973.
Haggard S., Maxfield S., Schneider B. R, Theories of Business and Business-State Relations, w: Business and the State in Developing Countries, red. S. Maxfield, B.
R. Schneider, Cornell University Press, Ithaca and London 1997.
Harvard Business School, Collision Course in Commercial Aircraft: Boening – Airbus – McDonell Douglas – 1991 (A), Boston, MA, HBS 9-391-106.
Johnson Ch., MITI and the Japanese Miracle. The Growth of Industrial Policy, 1925- 1975, Stanford University Press, Stanford, California 1992.
Kochanowicz J., Reforming Weak States and Deficient Bureaucracies, w: Intricate links: democratization and market reforms in Latin America and Eastern Europe, red. J. M. Nelson and contributors: J. Kochanowicz, K. Mizsei, O. Munoz, Transaction Publishers: New Brunswick (USA) and Oxford (UK) 1994.
Landreth H., Colander D.C., Historia myśli ekonomicznej, przekład Adam Szeworski, Wydawnictwo Naukowe PWN, Warszawa 1998.
North D.C., Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge1990.
Nye J.V.C., Thinking about the State: Property Rights, Trade, and Changing Contractual Arrangemets in a World with Coercion, w: The Frontiers of the New Institutional Economics, red. J. Drobak, J.V.C. Nye, Academic Press, 1997.
Panić M., Transnational Corporations and the Nation State, w: TNCs and the World Economy, red. R. Kozul-Wright, R. Rowthorne, McMillan Press, London 1998.
Scholte J., Global Capitalism and the State, w: The New Political Economy of Globalization, red. R. Higgot, A. Payne, E. Elgar, Cheltenham 2000.
Silva E., The State and Capital in Chile: Business Elites, Technocrats, and Market Economics, Westview Press, Oxford 1996.
Sobel A. C., State Institutions, Private Incentives, Global Capital, w: International Political Economy, Michigan Studies, the University of Michigan Press, Ann Arbor 2005.
The State and Development in the Third World, red. A. Kohli, Princeton University Press, Princeton NJ 1986.
Webster’s Third New International Dictionary, Encyklopaedia Britannica, Inc., Chicago 1986, Vol. I.
World Bank, The East Asian Miracle: Economic Growth and Public Policy, Oxford University Press, New York 1996.
Ząbkowicz A., Instytucje i wzrost gospodarki Japonii, Wydawnictwo Uniwersytetu Jagiellońskiego, Kraków 2006.