Saturday, November 15, 2014

"The role of the state in economic growth"

From the Abstract of The role of the state in economic growth (PDF, 59 pages) by Erik S. Reinert:

This paper attempts to trace and describe the role played by the government sector -- the state -- in promoting economic growth in Western societies since the Renaissance. One important conclusion is that the antagonism between state and market, which has characterised the twentieth century, is a relatively new phenomenon. Since the Renaissance one very important task of the state has been to create well-functioning markets by providing a legal framework, standards, credit, physical infrastructure and -- if necessary -- to function temporarily as an entrepreneur of last resort.

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