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A new perspective on the role of the government in economic development: Coordination under uncertainty

Tony Fu‐Lai Yu (School of Economics and Management, University College, The University of New South Wales, Canberra, Australia)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 1 July 2000

Abstract

Provides a new perspective on the role of the government in economic affairs. Utilising recent advances in the evolutionary theories of the firm, the coordination function of the government is emphasised. This paper argues that the government possesses certain unique features that allow it to restrict competition, and provide stable and reliable conditions under which firms organise, compete, cooperate and exchange. The coordinating perspective is employed to re‐examine the arguments for industrial policies regarding private investment decisions, market competition, diffusion of technologies and tariff protection on infant industries. This paper concludes that dynamic private enterprises assisted by government coordination policies explains the rapid economic growths in post‐war Japan and the Asian newly industrialising economies.

Keywords

Citation

Fu‐Lai Yu, T. (2000), "A new perspective on the role of the government in economic development: Coordination under uncertainty", International Journal of Social Economics, Vol. 27 No. 7/8/9/10, pp. 994-1013. https://doi.org/10.1108/03068290010337279

Publisher

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MCB UP Ltd

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