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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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Pendulum Swings between Markets and Governments

Pendulum Swings between Markets and Governments

(p.143) Chapter 13 Pendulum Swings between Markets and Governments
The Limits of the Market

Paul De Grauwe

Oxford University Press

The history of the past 200 years is one of large pendulum swings in the scope of markets and governments. The question now is whether these swings will continue to repeat themselves in the future. If that is the case, the expansion of the markets we have seen in the last thirty years will inevitably lead to governments making a comeback as the guiding force in the economy. These swings often lead to violent changes, and catastrophes. It will be extraordinarily difficult to prevent future catastrophes. It may even already be too late. We have a small chance of preventing decline with the reforms outlined in this chapter.

Keywords:   survival of capitalism, cyclical movements, expansion of markets, global warming, environmental policy

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