OBJECTIVE CONDITIONALITY OF THE SYMBIOSIS BETWEEN STATE AND MARKET IN THE CONTEMPORARY ECONOMY

Authors

  • Властимир Лековић, PhD Associate Professor, Faculty of Economics, University of Kragujevac

Keywords:

market economi, state, regulation, institutions, rules of the game.

Abstract

The concept of market economy and private property being self-regulated is the starting point and key argument for crucial reduction in both economic and social functions of the state in contemporary economy. On this ground, only active private entrepreneurship enables economic prosperity, considering economic growth directly dependent on the level of freedom of the enterprise. Being market economy, private entrepreneurship and economic freedom found of undoubtful importance, this paper deals with objective dependence of contemporary economic systems under conditions of full cooperation between the economy and the state. This is not only related to the experiences of mixed economies, but also to the general experiences of economic systems. Actually, economic history has offered enough arguments in favour of the state as an irreplaceable factor of economic development. Some experiences of the most developed countries support the aforesaid, since proper symbiosis between the state and market has existed there enabling the goals scheduled to be reached. Two predominant economic models nowadays – Anglo-Saxon and GermanJapanese – featuring maximal efficiency while allocate resources and market economy as a basic regulatory instrument - prove continual state intervention, not only for market defections to be corrected but also for providing outer conditions for its functioning. Straightforwardly, with growing cooperation between the state and economy, the state has become not only the economic subject but also an inevitable element of the market system. Thus, no imposed conflict between the state and market did result, but proper partnership between the private and public sector in contemporary market economies.

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Published

2008-06-30

How to Cite

Лековић, В. (2008). OBJECTIVE CONDITIONALITY OF THE SYMBIOSIS BETWEEN STATE AND MARKET IN THE CONTEMPORARY ECONOMY. Acta Economica, 6(8), 155–172. Retrieved from http://ae.ef.unibl.org/index.php/AE/article/view/255

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Section

Review article