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responsibility for provision and a system of incentives, controls and overview mechanisms for enforcing accountability. These two aspects of governing systems show up in political science as, on the one side, political process and policy making, and, on the other side, matters of administration and implementation. In economics the former clearly relates to the organisation of demand and the latter to the organisation of supply. Market organisation clearly provides one kind of governance system, in the sense above, and one that is widely used. However, while the conventional

in Market relations and the competitive process
Open Access (free)
Crisis, reform and recovery

developmental state, and (2) elimination of corruption in the political and economic systems” (E-M. Kim 1997, 100). After ruling the country for two and a half years as coup leader, Park was elected president. This served to increase further the institutional coherence and capacity of the state. Park “quickly converted the ‘corrupt soft’ state he had 187 The Asian financial crisis inherited into a ‘developmental hard’ state . . . He then proceeded to execute an industrial policy, using a large battery of targeted and un-targeted interventions to implement his detailed vision

in The Asian financial crisis
Problems of polysemy and idealism

material aspects of economic life and in presenting an overly benign view which underestimates the instrumentality of most economic relations. Finally, I conclude with a reminder of the political significance of explanations of markets and competition. The multiple meanings of ‘market’1 If we are to discuss market relations and competition, we need to be clear on what the former involve. However, such is the variety of uses of the term ‘market’ that it is important to distinguish them if we are not to talk at crossed purposes. As Maureen Mackintosh observes, these are

in Market relations and the competitive process
Why China survived the financial crisis

’s ability to withstand the crisis, must be understood within the context of its domestic political economy. While it was arguably in China’s interest not to devalue the RMB during the height of crisis, there are forces at work within the economy that may force China to rethink this strategy in the future. The economy: underlying strengths Never in recorded history has an economy grown so rapidly and as extensively as that of post-Mao China. The Third Plenum of the Eleventh Communist Party Congress in December 1978 saw the rise of the late Deng Xiaoping as the paramount

in The Asian financial crisis
Open Access (free)

, where compliance depends as much on convention and trust as on sanctions. A striking feature of the history of capitalist development is the gradual spread of trust in market exchange. Helped by stabilising political institutions, trust increases confidence in money as a medium of exchange and a store of value, and improves generalised guarantees against malfeasance and opportunistic behaviour. This is the longer term outcome of an iterative process of wider and innovative forms of engagement in social and market processes, necessitating modification of the rules that

in Market relations and the competitive process
Open Access (free)

prevailing ethical codes, social mores and political regulation, for ‘markets’ constrain as well as enable. The social and political dimensions of market processes – inequality, fairness, power, uncertainty, status – all influence the range and nature of what takes place in the market context. More deeply still, the acceptance of market processes and the rhetoric with which they are described and assessed tell us a great deal about different kinds of market society. The rhetoric, discourses and doctrine of the market In the middle of the twentieth century, a substantial

in Market relations and the competitive process
Open Access (free)
Issues, debates and an overview of the crisis

reserves had dwindled to US$45 billion, below the level of its short-term debt. As the real came under renewed pressure from speculators the Brazilian government sought external assistance.16 In November the IMF announced a US$41.5 billion multilateral loan package (with the IMF contributing US$18.1 billion under a three-year Stand-By Arrangement), to sustain the value of the real and help Brazil with its balance of payments problem.17 However, the calming effects of the IMF program were short-lived. The failure by the authorities to reach political agreement on the

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery

). Perhaps Indonesia’s greatest vulnerability lay in its weak financial system, especially its dangerously undercapitalized and poorly supervised banks. What explains this weakness, and why was it allowed to persist? A brief background is necessary. First, while the central bank, Bank Indonesia, was responsible for supervising the country’s banking system, it nevertheless reported directly to the president during the Suharto era. This left the entire banking system open to both indirect and direct political interference. It is widely agreed that on numerous occasions

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery

The Asian financial crisis 2 Thailand: crisis, reform and recovery During the period of economic growth, we were too complacent. In good times we forgot many important truths and neglected many important tasks; we opened up our economy, but our stated plans to pursue discipline were not followed up; we attracted massive flows of cheap foreign capital, which we did not always spend or invest with enough prudence . . . we did not examine the fundamentals of our politics and governance or tackle issues such as bureaucratic inefficiency, lack of transparency and lack

in The Asian financial crisis

shaped by the social relations and contexts within which those relations occur (Polanyi, 1944, pp. 46, 49; 1957, p. 250).6 Thus, in the terms of the above discussion of legal and contractual institutions, the concept might be used to say that transactions are ‘embedded’ in such a societal framework. Granovetter, however, appropriated the concept for the purpose of developing a more actor-oriented approach, with embeddedness referring to ‘dense and stable networks of relations, shared understandings, and political coalitions’ (Granovetter, 1985, p. 501). And he argued

in Market relations and the competitive process