The old discussion of 'Market or State' is obsolete. There will
always have to be a mix of market and state. The only relevant
question is what that mix should look like. How far do we have to
let the market go its own way in order to create as much welfare as
possible for everyone? What is the responsibility of the government
in creating welfare? These are difficult questions. But they are
also interesting questions and Paul De Grauwe analyses them in this
book. The desired mix of market and state is anything but easy to
bring about. It is a difficult and sometimes destructive process
that is constantly in motion. There are periods in history in which
the market gains in importance. During other periods the opposite
occurs and government is more dominant. The turning points in this
pendulum swing typically seem to coincide with disruptive events
that test the limits of market and state. Why we experience this
dynamic is an important theme in the book. Will the market, which
today is afforded a greater and greater role due to globalization,
run up against its limits? Or do the financial crisis and growing
income inequality show that we have already reached those limits?
Do we have to brace ourselves for a rejection of the capitalist
system? Are we returning to an economy in which the government is
running the show?
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