There has been a long debate over State vs market in the management of Public affairs. Development is a continuous process and is multidimensional. It is ecological and have no unique definition. Having persued the stae led and bureaucratic approach, we end up with a failure in the era where agenda happened to be welfarism. With having the application of lassez faire and neo liberal era, the role of market got increased and state became a lean and thin entity. For a state to run successfuly, the potential of market should be used and for that, certain amount of freedom should be given to it. Also, the principle of market should be applied in the public sector. Market has deburdened the role of state and have rescued state from the areas where market could establish well. In the sector of private goods and services, market has established its identity. It has stretched a helping hand to the state in their socio economic development. Also, corporate social responsibility is a characteristic which proves that market can go beyond the profit making. But having said that, market is a profit oriented sector and state should have a supporting role. As per Nayar and Baduri, state should provide a functional, institutional and strategic intervention in the market so as to realise the development with equity as said by world bank Ctsy Ankit Tanwar
Posted on: Tue, 07 Oct 2014 04:01:25 +0000
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