By J. L. Porket (auth.)
ISBN-10: 0312213247
ISBN-13: 9780312213244
ISBN-10: 0333711092
ISBN-13: 9780333711095
ISBN-10: 1349266965
ISBN-13: 9781349266968
ISBN-10: 1349266981
ISBN-13: 9781349266982
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Extra info for Modern Economic Systems and their Transformation
Example text
At the same time, being kept in check by the market which provides opportunities but imposes constraints as well, it contributes to the general welfare. Private firms or, in other words, the producers of goods and services, assume various forms. The forms range from one-man businesses through sole-proprietor concerns, partnerships, and cooperatives to joint-stock companies with limited liability. The larger a private firm, the greater the probability of its experiencing the separation of the legal ownership title and management (the exercise of custody rights), thus giving rise to the question of corporate governance.
The intervention-demanding pressure groups may be divided into the gain-seeking ones and the norm-setting ones. The former confine themselves to demanding government intervention in the economy in order to protect their vested interests or gain an advantage for themselves and/or their clients. In contrast, the latter demand government intervention in the economy and society in order to impose their values and standards on the population at large, they want an activist government engaged in social engineering of the kind determined by them.
Consequently, it provides economic freedom and, at the same time, promotes political freedom, in authoritarian political systems giving rise to pressures towards democracy. , on the degree of totalism. In a democratic political system, the substitution by an elected government of command socialism for market capitalism would spell the end of democracy. , in wartime. Finally, this account suggests that an established socialist command economy could be transformed into market socialism or market capitalism either if totalist authoritarianism (a sine qua non of command socialism) gave way to liberal authoritarianism, or if it collapsed.
Modern Economic Systems and their Transformation by J. L. Porket (auth.)
by William
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