COMPLEMENTARITY BETWEEN THE MARKET AND THE STATE AS A FACTOR OF MODERN MARKET ECONOMY EFFICACY: LESSONS FOR REPUBLIC OF SERBIA

Vlastimir Radomir Lekovic

DOI Number
-
First page
281
Last page
295

Abstract


Abstract: Market economy is explained as a system characterized by private ownership and self-regulating market mechanism which enables the coordination of the activities of the economic actors. A thesis that only private entrepreneurship ensures economic prosperity is developed based on this concept, given that economic growth is directly determined by the degree of freedom of economic agents. With no intention to challenge the role of the market mechanism, private entrepreneurship and economic freedom, the author, rather, aims to bring to attention the existence of objective factors which in terms of the functioning of modern market economies introduce the need to establish cohesion between the market and the state, as well as the relevant coordination and control mechanisms. This view is based on the experience of the most developed market economies which have achieved their development goals largely owing to an appropriate symbiosis and complementarity of the market and the state. Accordingly, the aim of the research is to, based on different theoretical concepts and economic reality of modern market economies, underline the necessity that the Republic of Serbia should face the reality regarding the creation of its economic system that both the market and the state would be more successful once the complementarity is established.

Keywords: market, state, coordination of economic activities, economic performance, complementarity between the market and the state


Full Text:

PDF

References


Абалкин, Л. (1997). Роль государства в становлении и регулировании рыночной экономики. Вопросы экономики. № 6.

Bogomolov, O. T. (2010). Pouka globalne krize. Ekonomski pregled, 61(5-6)

Galbraith, J. K. (1995). Ekonomija u perspektivi – kritička povijest. Zagreb, MATE.

Greenwald, B.C. & Stiglitz, J.E. (1986). Externalities in Economics with Imperfect Information and Incomplete Markets. Quarterly Journal of Economics, 101(may).

Fukuyama, F. (2005), Izgradnja države – Vlade i svjetski poredak u 21. stoljeću. Zagreb, Izvori.

Гутник, В. П. (2002). Политика хозяйственного порядка в Германии. Москва. ЗАО «Издательство «Экономика». 271.

Гутник, В. П. (2007). Теоретическое обоснование политики хозяйственного порядка и ее основные принципы. У: Нуреев, Р.М. (Ур.), Социальное рыночное хозяйство: концепция, практический опыт и перспективы применения в России. Москва, Росиа, Издательский дом ГУ-ВШЭ.

Hall, P. A., & Soskice, D. (2001). An introduction to varieties of capitalism, In: P. A. Hall, & D. Soskice, (Eds.) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press, Oxford.

Hayek, F. (1967). The Principles of a Liberal Social Order. In: Hayek F. Studies in Philosophy, Politics and Economics. Chicago: University of Chicago Press.

Hoff, K., & Stiglitz, J.E. (1999). Modern economic theory and development. The World Bank

Kejns, J. M. (1987). Ekonomski eseji. Novi Sad, Beograd, Matica Srpska, Evropski centar za mir i razvoj.

Krugman, P. (2012). Okončajte ovu depresiju. Odmah! Smederevo, Heliks, Beograd, Interkomerc.

Leković, V. (2006). Protivrečnosti državnog upravljanja u uslovima globalizacije. Ekonomske teme, 1-2.

Mesarić, M. (2001), Uloga države u tržišnom gospodarstvu s osvrtom na aktualno stanje u Hrvatskoj. Ekonomski pregled, 52(9-10).

North, D. C. (1981). Structure and Change in Economic History. Northon, New York

Porter, M. E. (2008), O konkurenciji. Fakultet za ekonomiju, finansije i administraciju, Beograd.

Рёпке, В. (2002). Коренные вопросы хозяйственного порядка. Теория хозяйственного порядка: Фрайбургская школа и немецкий неолиберализм. Пер. с нем. В. Гутника. М.: Экономика.

Rodrik, D. (2008). Zbogom Vašingtonskom konsenzusu, zdravo vašingtonskoj pometnji? Kritički osvrt na studiju Svetske banke “Ekonomski rast devedesetih: Lekcije na osnovu decenije reformi”. Panoeconomicus, 2.

Розмаинский, И. (2010). К формированию посткейнсианской теории государства. Terra economicus. Т. 8, № 1.

Stiglitz, J. E. (2010). Freefall America, Free Markets, and the Sinking of the World Economy. New York, W. W. Norton & Company, Inc.

Thurow, L. C. (1997). Budućnost kapitalizma. Mate, Zagreb

The Global Economic Crisis: Failures and Multilateral Remedies. UN. New York, 2009.

Wilijamson, O. E. (1985). The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. New York, The Free Press.


Refbacks

  • There are currently no refbacks.


ISSN 0354-4699 (Print)

ISSN 2406-050X (Online)