After the collapse of Communism in Eastern Europe and the former Soviet Union and the ‘rolling back of the state’ in liberal democracies across the world in the final two decades of the twentieth century it is now widely held that the central intellectual debate in political economy has shifted from the question of whether capitalism or socialism is the most efficacious economic system to the question of how the state should manage and regulate a market economy. According to Keat (1993, p. 6), ‘Now that the political and theoretical contest between market and state seems largely settled to the former’s advantage’, the intellectual focus has shifted to ‘some important issues about the nature and place of economic markets’, and, in particular, ‘the boundaries [that] should be drawn around the domain of activities to be governed by the market’.
KeywordsEurope Income Stake
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