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The Limits of the MarketThe Pendulum Between Government and Market$
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Paul De Grauwe

Print publication date: 2017

Print ISBN-13: 9780198784289

Published to Oxford Scholarship Online: January 2017

DOI: 10.1093/acprof:oso/9780198784289.001.0001

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The Great Economic Pendulum

The Great Economic Pendulum

(p.1) Chapter 1 The Great Economic Pendulum
The Limits of the Market

Paul De Grauwe

Oxford University Press

This chapter provides a short historical overview. It shows that there are limits to the expansion of the market system. Sometimes the dynamics of the system seem unstoppable, particularly because it generates material wealth as no other system can, but it repeatedly stumbles on limits and falls victim to its own success. At that moment governments step in, and political management and control become important again. Over time, however, government management systems also reach their limits. It is as if market and government are locked in a perpetual battle, attempting to win ground from one another, overthrowing the other again and again.

Keywords:   market system, globalization, capitalism, Great Depression, centrally planned economies

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