The Necessity of Property Rights (Chapter 6)
S.H. Hanke (ed.), Privatization and Development. San Francisco: Institute for Contemporary Studies Press, 1987, (English, Spanish, Arabic, Chinese, Portuguese, French and Romanian)
5 Pages Posted: 14 Mar 2013
Over the past fifty years most governments have assumed a greater role in the economic affairs of their nations. There has been more emphasis on macroeconomic planning and management; public sector budgets have grown in absolute terms and in relation to private sector activity. This growth has been the result of rapid increases in welfare programs, military expenditures, and the range and scale of public infrastructure and services. Many countries have increased the scope of government by embracing the concept of an entrepreneurial state: A state that is allegedly the engine of growth and development, and one that attempts to achieve growth by either operating nationalized industries or intervening heavily in the operation of private firms. Finally, some countries have adopted socialist and communist economic systems - usually involuntarily - for ideological reasons.
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