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Economic Liberalization as Development Policy: the Contemporary Debate

Author(s): Dejene Mamo Bekana

Journal: The Romanian Economic Journal
ISSN 1454-4296

Volume: XIV;
Issue: 40;
Start page: 3;
Date: 2011;
Original page

Keywords: liberalization | economic liberalization | political liberalization | contemporary debate

The essay argues that the influential neoliberal economic philosophers assume that market and price mechanisms should be promoted to achieve economic development and calls for economic liberalization undermining the role of policy instruments. The essay challenges the presuppositions of these arguments. It maintains that Selective liberalization should be pursued by governments after development of regulatory and institutional frameworks that enable governmentsto monitor market operation and intervene if need arises. EconomicLiberalization must be interpreted in the historical and social context of the society. It then contends that economic liberalization is neither essentially evil nor good. Liberalization is better seen as following from recognitions of its deontological processes and teleological perspectives than as an ideal limit on government intervention.
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