Towards a Market Economy: Structures of Governance
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Summary:
This paper proposes an operational interpretation of the concept of economic governance. It argues that the capacity of governments to credibly ensure a secure economic environment provides an important benchmark against which governance can be evaluated. Such an environment—which is essential for sustained growth in a market economy—can be established through a rules–based system which ensures freedom of entry into the market, access to information, and sanctity of contracts. Since creating a secure economic environment involves profound, far–reaching social change, it has historically been a complex and lengthy process in most societies. However, basing policy prescriptions on this benchmark helps avoid possible conflicts between different social and moral values.
Series:
Working Paper No. 1997/011
Subject:
Corruption Crime Environment Financial institutions Securities
English
Publication Date:
January 1, 1997
ISBN/ISSN:
9781451842746/1018-5941
Stock No:
WPIEA0111997
Pages:
16
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