Towards a Market Economy : Structures of Governance

Author/Editor:

Pierre Dhonte ; Ishan Kapur

Publication Date:

January 1, 1997

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper proposes an operational interpretation of the concept of economic governance. It argues that the capacity of governments to credibly ensure a secure economic environment provides an important benchmark against which governance can be evaluated. Such an environment—which is essential for sustained growth in a market economy—can be established through a rules–based system which ensures freedom of entry into the market, access to information, and sanctity of contracts. Since creating a secure economic environment involves profound, far–reaching social change, it has historically been a complex and lengthy process in most societies. However, basing policy prescriptions on this benchmark helps avoid possible conflicts between different social and moral values.

Series:

Working Paper No. 97/11

Subject:

English

Publication Date:

January 1, 1997

ISBN/ISSN:

9781451842746/1018-5941

Stock No:

WPIEA0111997

Format:

Paper

Pages:

16

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