Credible Liberalization: Beyond the Three Theorems of Neoclassical Welfare Economics

Abstract

The world economy is undergoing startling change. Almost every country has been moving towards freer markets and extensions of the private enterprise capitalist system. Of late the process has been most marked, I suppose, in China during the early 1980s and the more recently in the amazing transformation of the formerly communist nations of Eastern Europe. But nations belonging to the Organization for Economic Co-operation and Development (OECD) have also privatized state-owned industries, deregulated private industry, freed international trade and capital movements, and seem intent on further liberalizations. Meanwhile the aid, loans and debt relief to developing countries provided by the World Bank, the International Monetary Fund (IMF) and other lending agencies appear to be tied more and more to schemes that extend the influence of competition in world markets upon each nation’s economic system.

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