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This paintings assesses Lebanon's improvement event in the course of 1948-2002, a case examine of laissez-faire functionality over greater than 50 years. The textual content analyzes the robust financial concern of the mid-1980s and the reconstruction coverage that produced vulnerable development and excessive executive indebtedness.
Read or Download A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia) PDF
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Additional info for A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia)
In fact, there is no evidence of a tradeoﬀ between equality and eﬃciency, nor that economic development would necessarily bring about a reduction in inequality. This means that inequality issues need to be tackled directly. When capital markets are imperfect, as they usually are in LDCs, redistribution to the less endowed can be growth enhancing because it creates 66 67 68 69 70 Paul, 1979, pp. 281–282. Singer, 1987, p. 7. Kaldor, 1986, p. 95n. Datta-Chandhuri, 1990. Coghlan, 1991, p. 18. 71 Pasinetti (1981) provides an interesting and systematic attempt at identifying the fundamental determinants of long-run growth.
37 38 39 Dow, 1997, p. 84. 1988, p. 6. 1995, p. 154. 40 As such, the classical notion of equilibrium is an adequate concept for the analysis of contemporary economies in this so-called globalized world where capital is moving and competing, with fewer constraints, through conglomerates and multinational corporations. c) Eﬃciency and growth The market as an instrument for economic eﬃciency is the central tenet of NC analysis. It is supposed to provide, via price signals, rewards and penalties that constitute incentives for eﬃciency and a discipline against ineﬃciency.
It is based on private property and involves the exchange of commodities, as exchange values, for the purpose of making and accumulating more exchange values in order to generate a surplus called proﬁt. Put very simply, the proﬁt motive, which can exist only alongside its mirror entity waged employment, is the distinguishing characteristic of capitalism and the driving force behind an unprecedented accumulation of material wealth. Moreover, capitalism is itself a dynamic force in the sense that it will make capitalism spread across activities, in time and space.