Different Roads to a Market Economy

  • Whasun Jho
Chapter
Part of the The Political Economy of the Asia Pacific book series (PEAP)

Abstract

The diffusion of new liberalist ideology is accompanied by free trade and the spread of economic interdependence. Market-oriented economic policies such as deregulation and privatization of public enterprises, which have arisen from Britain and America, institutionally spin off from stipulated regulations of international regimes such as the WTO and FTA. The spread of deregulatory policies resulting from internalization of new liberalist norms through international regimes and the intensification of free trade and economic interdependence clearly illustrates the formation of an embedded liberalist order in the international political economy of the post-globalization era (Ruggie 1982). The new liberalist school that claims “the retreat of the state” refuses state intervention in the market and further advocates economic management based on self-regulating market principles. Proliferation of free trade, the emergence of transnational companies, and the movement for deregulation in many different countries instigated the debate on a minimal state that administers and supervises market regulation to a minimal extent. New liberalist reforms such as free markets and the privatization of public enterprises rectify state failures and are reckoned to be essential in attaining economic growth as well as enhancing public interest through restoration of market autonomy (Harvey 2005). From a market-dominant perspective, such an approach asserts the futile state role in the market.

Keywords

Mercury Arena Concession Monopoly Fist 

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Copyright information

© Springer Science+Business Media New York 2014

Authors and Affiliations

  • Whasun Jho
    • 1
  1. 1.Yonhee HallYonsei UniversitySeoulRepublic of (South Korea)

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