Assessing Recent Changes in the Role of Government in the Economy
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The beginning of the 1980s witnessed very important changes in economic policy both in the industrialized and in the developing countries. Privatization of public firms and agencies was initiated and measures directed to remove market distortions were introduced (the so-called “structural reforms” in the vocabulary of international organizations), along with a medium-term orientation of demand management policies aimed to stabilize the macroeconomic environment in which private decisions are made.
KeywordsPublic Sector Transaction Cost Market Failure Public Firm Incomplete Market
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