In many countries, public sector institutions impose heavy burdens
on economic life: heavy and arbitrary taxes retard investment,
regulations enrich corrupt bureaucrats, state firms consume
national wealth, and the most talented people turn to rent-seeking
rather than productive activities. As a consequence of such
predatory policies--described in this book as the grabbing hand of
the state--entrepreneurship lingers and economies stagnate.
The authors of this collection of essays describe many of these
pathologies of a grabbing hand government, and examine their
consequences for growth. The essays share a common viewpoint that
political control of economic life is central to the many
government failures that we observe. Fortunately, a correct
diagnosis suggests the cures, including the best strategies of
fighting corruption, privatization of state firms, and
institutional building in the former socialist economies.
Depoliticization of economic life emerges as the crucial theme of
the appropriate reforms. The book describes the experiences with
the grabbing hand government and its reform in medieval Europe,
developing countries, transition economies, as well as today's
United States.
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