For Eastern European and other countries, market democracy
offers an organizing principle for reform, a model on which to base
movement toward a market economy. Macesich stresses the importance
of such an organizing principle, asserting that without it the
state will again assume dominance and the political and economic
structure will be taken over by well-organized special interests to
the detriment of the rest of society. In such a scenario, reform
simply perpetuates the interests of the ever-active political elite
and bureaucracy. Market democracy, the culmination of more than
three hundred years of economic and political thought, is centered
on a pluralistic democracy with a free-market-oriented society.
Proponents of market democracy do not share the Marxist pretention
that commandeering society is the one way to assure prosperity and
freedom; they are equally skeptical of the nationalism which has
replaced Marxism in many of these countries as the guiding spirit
of government. This study draws on the experience of the
Austro-Hungarian Empire, demonstrating the futility of promoting
narrow nationalism in the ethnic hodgepodge that constitutes the
population in this part of Europe.
The volume's eight chapters look at the organization of a market
democracy and the historical and theoretical principles involved.
Then Macesich zeroes in on the key role of money, the constraints
of nationalism; bureaucracy and market democracy; and property
rights, privatization, and other issues. The volume closes with two
chapters devoted to the politics of reform and a re-examination of
Europe's past. This timely volume will be especially valuable to
scholars in the areas of development economics, international
finance and trade, political economy, political science, and
socialism.
General
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