Abstract
Various economic paradigms on markets with constitutional contracts are critically examined to contrast them with yet another view of market In the alternative view presented in this chapter, endogeneity of various political and economic processes creates a global system of interlinkages among and between policy variables and socioeconomic variables. By invoking the epistemology and methodology of such a system, a theory of globally interactive market processes is developed. Globally knowledge-induced interlinkages generated by polity-market interactions are made to establish and explain what we term here a “system of social contracts”. The case of Malaysia is taken to explain the theoretical ramifications. The Malaysian case study is also invoked to question the nature of tradeoffs between economic growth and redistribution in the midst of demands placed by the neoclassical view of globalization.
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Choudhury, M.A., Hamat, A.F.C. (1997). Markets, Globalization and Structural Change. In: Gupta, S.D., Choudhry, N.K. (eds) Dynamics of Globalization and Development. Recent Economic Thought Series, vol 59. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6219-1_13
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