Adjusting power between the State and the market

The models that dominated economic science and policy in the first three decades of the post-war period have broken down and there are no consummate replacements. The outlook seems to be conservative. The late 1970s turned back the clock which was moving for two centuries in the direction of morally justifying Stale intervention Intended to moderate or correct the social inequalities produced by market operations. Part I of this article explores these trends.