Development strategy : balancing market and government failure
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2013
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Abstract
In the future, development thinking may be dominated by two issues that go beyond the “market-versus-state” dichotomy: sub-national pockets of poverty, and global public goods. This chapter concludes by noting that development economics thinking proceeds in evolutionary rather than revolutionary steps, with each shift building on the experience of the previous phase. It examines the evolution of development economics thinking in the post-Second World War period as a constantly shifting balance between emphasis on market failure and emphasis on government failure.
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MARKET STRUCTURE, WASHINGTON CONSENSUS, CIVIL SOCIETY, DEVELOPMENT THEORY, DEVELOPMENT STRATEGY, GOVERNMENT ROLE, MARKET ECONOMY, POLITICAL WILL, LOCAL LEVEL, DEVELOPMENT ECONOMICS, GLOBAL, GLOBAL SOUTH