The State and the Market

Pulin B Nayak The real issue is not whether to have the market or the state. This is an empty dichotomy and no serious school of political economy would today credibly argue for only one or the other. The question is one of striking the right balance. What one has also to guard against is a new mode of thinking that the market may be entrusted to sort out all the basic problems confronting an economy, even with its manifest incapacity to deal with issues pertaining to income distribution and deprivation.