The market is sovereign and in the magic economy of the small entrepreneur there is no authoritarian center… in the political sphere… the equilibrium of powers prevails, and hence there is no chance of despotism.
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P. 242, describing the view commonly held in the eighteenth century.C. Wright Mills
» C. Wright Mills - all quotes »
It remains to be seen, for example whether China can continue to develop as a market economy while still retaining an authoritarian communist political system.
Peter Dicken
The most serious problems lie in the financial sphere, where the economy’s debt overhead has grown more rapidly than the ‘real’ economy’s ability to carry this debt. ... The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor. - 1998
Michael (economist) Hudson
The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.
Robert Gilpin
Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating.
George Soros
Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.
Paul Ormerod
Mills, C. Wright
Milman, Henry Hart
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