The limits of the market the pendulum between government and market 1st Edition by Paul De Grauwe 0191087257 9780191087257

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ISBN-10 :  0191087257 

ISBN-13 :  9780191087257

Author:  Paul De Grauwe 

The old discussion of ‘Market or State’ is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare as possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also interesting questions and Paul De Grauwe analyses them in this book. The desired mix of market and state is anything but easy to bring about. It is a difficult and sometimes destructive process that is constantly in motion. There are periods in history in which the market gains in importance. During other periods the opposite occurs and government is more dominant. The turning points in this pendulum swing typically seem to coincide with disruptive events that test the limits of market and state. Why we experience this dynamic is an important theme in the book. Will the market, which today is afforded a greater and greater role due to globalization, run up against its limits? Or do the financial crisis and growing income inequality show that we have already reached those limits? Do we have to brace ourselves for a rejection of the capitalist system? Are we returning to an economy in which the government is running the show?

The limits of the market : the pendulum between government and market 1st Table of contents:

1. The Great Economic Pendulum
The First Half of the Twentieth Century: Decline of the Market
The 1980s: The Return of the Market System
The Market Reaches Everything
2. The Limits of Capitalism
Praise for Capitalism
Individual and Collective Rationality
Systems I and II
In Conclusion
3. External Limits of Capitalism
First External Limit: The Environment
Global Warming
Technological Optimism
The Second External Limit: The Financial Markets
Herd Effects in the Financial Markets
External Risk Effects in the Banking System
Booms and Busts in Capitalism
Third External Limit: Public Goods
The Free-Rider Problem
In Conclusion
4. Internal Limits of Capitalism
First Discrepancy: Market and Distribution
Second Discrepancy: Intrinsic and Extrinsic Motivation
Third Discrepancy: Competition and Cooperation
Why Does Interest in Public Goods Decrease?
In Conclusion
5. The Utopia of Self-Regulation in the Market System
Can Markets Regulate Themselves?
Technological Progress
Growth and Saturation
Kuznets’s Dream
In Conclusion
6. Who can Save the Market System from Destruction?
The Role of Governments: Externalities
The Role of the Government: Public Goods
The Role of the Government: Redistribution
In Conclusion
7. External Limits of Governments
Government Action Struggles to Get off the Ground
Democracy Helps
External Limits of Governments
In Conclusion
8. Internal Limits of Governments
Governments as Magnets for System I
Governments Focus mainly on Distribution Problems
Winner Takes All
First Limit: Redistribution at the Expense of Efficiency
Second Limit: Balance between Systems I and II
Limits to Social Security
In Conclusion
9. Who is in Charge? Market or Government?
On Productivity, Labour Costs, and the Public Sector
High Labour Costs and Prosperity
The Illusion of Shifting the Burden
In Conclusion
10. Rise and Fall of Capitalism: Linear or Cyclical?
The Predictions of Karl Marx
Other Linear Theories of the Demise of Capitalism
Karl Polanyi’s Prediction
11. The Euro is a Threat to the Market System
The Eurozone Weakens National Governments
The ECB as Lender of Last Resort
The Euro is a Currency without a Country
In Conclusion
12. The World of Piketty
Capital is Back
An Iron Law: r > g
The Rentiers are Back
A Progressive Wealth Tax
Criticism of Piketty
Ecological or Distributional Limits of Capitalism
13. Pendulum Swings between Markets and Governments
The Financial Crisis: Turning Point in the Rise of the Market?
Are the Pendulum Swings inevitable?
Yes, there will always be Pendulum Swings
Was Karl Marx Right After All?
A Reformist Scenario
A Sombre Future?
The Myth of Sisyphus

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