Korean Economic Development: An Interpretive Model, and: Industrialization, Trade and Market Failures: The Role of Government Intervention in Brazil and South Korea (review)

1996 ◽  
Vol 20 (1) ◽  
pp. 272-275
Author(s):  
Chung H. Lee
Keyword(s):  
Economic Development ◽  
South Korea ◽  
Government Intervention ◽  
Market Failures ◽  
Role Of Government ◽  
Interpretive Model

The Role of Government in a Liberal Market Economy

2018 ◽  
pp. 53-61
Author(s):  
Claude Joseph
Keyword(s):  
Public Choice ◽  
Market Failure ◽  
Government Intervention ◽  
Rational Behavior ◽  
Market Failures ◽  
Role Of Government ◽  
Failure Theory ◽  
Theoretical Perspectives ◽  
The Government

This essay is a critical assessment of the market failure theory and public choice theory. While the market failure theory provides a justification for government intervention in the economy, the public choice theorists are very skeptical about the role of government as a corrector of market failures. Since government failures can be worse than market failures, the imperfections in the market process, they argue, do not necessarily call for government intervention. These two theoretical perspectives, notwithstanding their difference, do share something in common. Both assume that individuals are self-interested. This essay contends that a shift from rational self-interested behavior to bounded-rational behavior provides a less contested role for the government. With bounded-rational behavior, the state should no longer be viewed as a mere surrogate of the market, but as “a choice architect,” “an entrepreneur,” and “a manager of conflict.”

scholarly journals Does State-Driven Social Economy Work? The Case of Community Business in South Korea

2021 ◽  
Vol 13 (5) ◽  
pp. 2613
Author(s):  
Hyunsun Choi ◽  
Jungyoon Park ◽  
Eungi Lee
Keyword(s):  
South Korea ◽  
Government Intervention ◽  
Social Economy ◽  
Positive Role ◽  
Role Of Government ◽  
Government Documents ◽  
The Social ◽  
The Government ◽  
Role Of The Government

(1) What is the role of the government in enhancing social economy? South Korea has implemented projects and programs to enhance social economy. This paper discusses the positive role of government intervention by looking at the case of community business in South Korea. In addition, some limitations are discussed. (2) Qualitative data based on in-depth interviews with diverse stakeholders and participants were included. In addition, a comprehensive analysis of government documents and literature was conducted. (3) In spite of some bureaucratic and institutional limitations, the village company program of Korea has played an important role in enhancing the social economy for ten years. In particular, the early stages of government intervention in Korea have been successful. (4) However, when the government intends to get involved in enhancing the social economy, it is necessary to carefully prepare formal and informal institutions.

The Steamboat, Safety and the State: Government Reaction to New Technology in a Period of Laissez-Faire

2011 ◽  
pp. 51-74
Author(s):  
John Armstrong ◽  
David M. Williams
Keyword(s):  
Nineteenth Century ◽  
State Government ◽  
Government Intervention ◽  
New Technology ◽  
Steam Power ◽  
Role Of Government ◽  
Government Response ◽  
Laissez Faire ◽  
The Government

This chapter explores the government reaction to steam power and the issues of public safety that surrounded it. In particular, it questions the lack of prominent government intervention until the middle of the nineteenth century. It studies the economic advantages of steam over sail; the new hazards associated with steam power and the causes and rates of accidents; the call for government intervention which grew out of these hazards; an analysis of the lack of government response to this pressure for close to thirty years; and a study and assessment of the action eventually taken. It concludes by bringing these points together and places them into the wider context of maritime safety, the role of government, the problematic aspects of laissez-faire politics, and the difficulties inherent in the transition to new technology.

Combating COVID-19 in Democratic Taiwan and South Korea

2020 ◽  
Vol 119 (818) ◽  
pp. 210-216
Author(s):  
Joseph Wong
Keyword(s):  
Public Health ◽  
Health Care ◽  
South Korea ◽  
Universal Health Care ◽  
Role Of Government ◽  
Prior Experiences ◽  
Universal Health

South Korea and Taiwan effectively suppressed the coronavirus without the authoritarian measures imposed in China or the lockdowns used elsewhere. They responded quickly, communicated clearly and consistently about the threat. Both governments had prior experiences with contagions to prepare for an epidemic. And both states had introduced universal health care during their periods of democratization, shaping a consensus among citizens about equity, solidarity, and the role of government in protecting public health. Their strategies provide replicable and repeatable models.

Toward a dynamic capability theory of economic growth

2019 ◽  
Vol 29 (4) ◽  
pp. 1047-1065 ◽  
Author(s):  
David Sainsbury
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Value Added ◽  
The United States ◽  
Dynamic Capability ◽  
Alexander Hamilton ◽  
Role Of Government ◽  
Windows Of Opportunity ◽  
The Uk

Abstract New theories of economic growth that are policy-relevant and connect with the histories of success and failure in economic development are urgently needed. This article compares the neoclassical (or market efficiency) school of thought with the production-capability school of thought which included Alexander Hamilton, Friedrich List, and Joseph Schumpeter. Many affirmative, industrial policy steps by governments to promote economic development have been historically recorded—including in the UK and the United States. Meanwhile the neoclassical school has ignored the role of government in helping to create competitive advantage. It has also chosen to ignore how firms are formed, how technologies are acquired, and how industries emerge. The dynamic capability theory of economic growth developed here assigns the central role in economic growth to firms but also an important role to governments. The rate at which a country’s economy grows depends critically on whether its firms can build the capabilities to generate and take advantage of “windows of opportunity” that exist for innovation and new markets, and whether over time they are able to enhance their capabilities to move into higher value-added activities.1

scholarly journals The role of government intervention in financial development: micro‐evidence from China

2019 ◽  
Vol 59 (5) ◽  
pp. 2855-2878 ◽  
Author(s):  
Lingbing Feng ◽  
Tong Fu ◽  
Nicholas Apergis ◽  
Hu Tao ◽  
Wu Yan
Keyword(s):  
Financial Development ◽  
Government Intervention ◽  
Role Of Government

scholarly journals Continuity or Change in Business Representation in Britain? An Assessment of the Heseltine Initiatives of the 1990s

2008 ◽  
Vol 26 (5) ◽  
pp. 998-1015 ◽  
Author(s):  
Justin Greaves
Keyword(s):  
Government Intervention ◽  
Historical Context ◽  
Logical System ◽  
Business Associations ◽  
Role Of Government ◽  
Business Association

Britain has a fragmented, overlapping, and underresourced system of business representation. Attempts at reform, however, have proved difficult and largely unsuccessful. A coherent and logical system is relevant, in terms of both an effective dialogue between government and business, and the promotion of competitiveness and productivity. Through interviews and archival evidence, I look at how government has attempted to reform business associations. The main focus is the Heseltine initiatives of the 1990s: I outline the various initiatives taken, reveal the extent to which policy represented continuity or change, and consider whether the initiatives were effective. I show that they had a degree of success but that they would have made greater impact if they had been sustained over a longer period of time. A consideration of the historical context, moreover, suggests there may be limits to the role of government intervention in business association reform.

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