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date: 05 June 2020

Abstract and Keywords

This article discusses key approaches to the state's role in the contemporary economy. It discusses three perspectives on the state–economy relationship. These range from a priori claims that view states as impediments to markets, to hypotheses which pose a world of neoliberal states restricted to creating the best environment for transnational capital, to arguments that seek to conceptualize actually existing states as solutions to the problem of development. First, the discussion begins with a brief sketch of the state's role in neoliberal theory. Next, it examines how the theory is believed to play out in practice as a result of globalization and the rise of neoliberalism. Third, the discussion considers the debate on the rise of governed market economies, and their challenge to the free-market paradigm. Finally, it revisits the proposition that the global economy valorizes a minimalist state.

Keywords: economy, state–economy relationship, neoliberal states, transnational capital, globalization

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