The Role Of Government In Economy and Business

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Chapter 1 Minimal State R Ree gulator gulatoryy State Developmental State and Pr edator Predator edatoryy State A Comparati Comparativve Stud Studyy Peter Evans categorizes states into three types based on their roles in economic development the minimal state the developmental state and the predatory state To apply this categorization to the history of business I will add another type the regulatory state However these four types of state are only ideal types Given the complexity of reality countries have historically applied a combination of them T he minimal state is a concept from Adam Smith T he supporters of this concept argue that market mechanism knows best and works more efficiently than governments To have the most favorable conditions for business the role of government should be kept as minimal as possible Base on this framework the role of government is restricted only to preventing monopoly and externalities providing public goods and enforcing the law Governments help to business should be indirect and non selective T he regulatory state goes one step further than the minimal state T he supporters of the regulatory state argue that the government is also responsible for the welfare of society as a whole and may help business people by ensuring a better environtment From this point of view indirect help is not and never sufficient Government should be more active in giving direct help and should sometimes be selective 1Chapter 1 Minimal State R Ree gulator gulatoryy State Developmental State and Pr edator Predator edatoryy State A Comparati Comparativve Stud Studyy Peter Evans categorizes states into three types based on their roles in economic development the minimal state the developmental state and the predatory state To apply this categorization to ...the history of business I will add another type the regulatory state However these four types of state are only ideal types Given the complexity of reality countries have historically applied a combination of them T he minimal state is a concept from Adam Smith T he supporters of this concept argue that market mechanism knows best and works more efficiently than governments To have the most favorable conditions for business the role of government should be kept as minimal as possible Base on this framework the role of government is restricted only to preventing monopoly and externalities providing public goods and enforcing the law Governments help to business should be indirect and non selective T he regulatory state goes one step further than the minimal state T he supporters of the regulatory state argue that the government is also responsible for the welfare of society as a whole and may help business people by ensuring a better environtment From this point of view indirect help is not and never sufficient Government should be more active in giving direct help and should sometimes be selective 1

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