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Open Access (free)
Stan Metcalfe and Alan Warde

’. The notion of the virtuous market is based on a number of propositions that go weakly contested. Among the most important of these are the following: 4 Stan Metcalfe and Alan Warde ● The market enshrines the principle of consumer sovereignty. The market permits, sustains and delivers individual freedom of choice and action across the economic and social spheres. The market is an ideal mechanism for exchange because its incentive structures are consistent with basic features of human nature. The market is applicable to a great many, if not all, forms of human

in Market relations and the competitive process
Open Access (free)
Stan Metcalfe and Alan Warde

partly an effect of the hegemony of the doctrine of consumer sovereignty and the discourse of the market: it is difficult to mount an overt intellectual challenge to the necessity and irreversibility of the continuing spread of market mechanisms. Old socialist objections are viewed as anachronistic, associated with nationalised enterprises and ineffective management within the public sector. More generally, the power of states has been subject to liberal critiques which equate markets with freedom and states with authoritarian control. Nevertheless, there exists

in Market relations and the competitive process
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

’s conditions. On December 4, the IMF released US$5.56 billion to the Korean government. An additional US$3.58 billion was to be made available following the first review on December 18, and an additional US$2 billion on January 8, 1998 following the second review. The sheer magnitude of the bailout package and the acceptance of the IMF’s many conditions led most Koreans to the same conclusion as their President, that “we have lost our economic sovereignty.” The Korean media designated December 3 as the “second day of national disgrace” (che iui kukchiil), and President Kim

in The Asian financial crisis
Open Access (free)
The evolving international financial architecture
Shalendra D. Sharma

power and sovereignty to international regulators or supervisors. As Barry Eichengreen (1999, 9), has aptly noted, at a time when there is little interest in creating new supranational bodies with the power to usurp the traditional prerogatives of nation-states, what “such proposals have in common is their impracticality. They have not a snowball’s chance in hell of being implemented.” Willem Buiter and Anne Sibert (1999) have proposed adding a “universal debt-rollover option with penalty” (UDROP) to all foreign-currency denominated loans and credits as a way of

in The Asian financial crisis