In this volume, Nobel Laureate James Meade discusses a set of
radical changes in economic institutions and policies designed to
show an efficient, socially acceptable third alternative between
Keynesian inflation and monetarist unemployment, and between the
inefficiencies of socialist centralism and the ravages of
unrestrained capitalist competition. According to Meade, these
changes should aim at allowing freedom of individual choice
(liberty), producing a high standard of living (efficiency) and
avoiding excessive divergences between riches and poverty
(equality).
But there are inevitably clashes between these objectives. For
example, free competition may promote liberty and efficiency but
will offer high rewards to the owners of scarce resources and low
rewards to those who command little earning power, resulting in the
denial of equality. The author suggests a set of reforms which
could mitigate the effects of such clashes. Such a review of
institutions is highly relevant in the present age of social
uncertainties. For example, on what lines should the post-communist
economies of Eastern Europe be rebuilt? Can we avoid the stark
choice between the inflation of Keynesianism and the unemployment
of monetarism? Can the ravages of free capitalist competition be
avoided without the inefficiencies of centralized economic
planning?
Including an extensively revised version of Meade's well- known
tract, "Agothopia: The Economics of Partnership, Liberty, Equality,
and Efficiency" will be of interest to both economists and
political scientists.
General
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