Towards a Market Economy Structures of Governance

This paper proposes an operational interpretation of the concept of economic governance. It argues that the capacity of governments to credibly ensure a secure economic environment provides an important benchmark against which governance can be evaluated. Such an environment-which is essential for s...

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Bibliographic Details
Main Author: Dhonte, Pierre
Other Authors: Kapur, Ishan
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1997
Series:IMF Working Papers
Subjects:
Wp
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper proposes an operational interpretation of the concept of economic governance. It argues that the capacity of governments to credibly ensure a secure economic environment provides an important benchmark against which governance can be evaluated. Such an environment-which is essential for sustained growth in a market economy-can be established through a rules-based system which ensures freedom of entry into the market, access to information, and sanctity of contracts. Since creating a secure economic environment involves profound, far-reaching social change, it has historically been a complex and lengthy process in most societies. However, basing policy prescriptions on this benchmark helps avoid possible conflicts between different social and moral values
Physical Description:16 pages
ISBN:9781451842746