Ha-Joon Chang Quotes About Enterprise
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All the alleged key causes of SOE [State-Owned Enterprise] inefficiency - the principal-agent problem, the free-rider problem and the soft budget constraint - are, while real, not unique to state-owned enterprises. Large private-sector firms with dispersed ownership also suffer from the principal-agent problem and the free-rider problem. So, in these two areas, forms of ownership do matter, but the critical divide is not between state and private ownership - it is between concentrated and dispersed ownerships.
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Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor.
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