自由市场体制下政府干涉的政治经济外文翻译.docVIP

本科毕业设计（论文） 外 文 翻 译 原文： Political Economy of Government Intervention in the Free Market System Free Market and Market Failure The theory of laissez-faire economics is predicated on the idealized competitive model where market exchange is based on the fundamental principles of exclusion and revealed preferences (Allan, 1971), free flow of information, and self-regulating mechanisms. The theory of market failure suggests that in a situation where companies have power to fix prices or limit competition, consumers lack the information needed to select the best products, market exchanges affect people who are not party to the transaction, the structure of an industry blocks new firms from entering business (Lehne, 2006), or market allocations result in inequities in the distribution of income and wealth, when a market failure has occurred. Therefore government can put in place an appropriate institutional and regulatory framework to correct it. The nineteenth century was characterized by the “market society” that resulted from the liberal self-regulating state (Polanyi, 1957, p. 250) and by principles of economic liberalism rooted in the belief that competition provided adequate basis for the market to provide sufficient wealth without systematic state intervention (Galbraith, 1970, p. 50). The end of World War I saw the end of the market society, and classical liberalism gave way to socialist welfare concerns for growth, employment, and redistribution (Polanyi, 1957; Ruggie, 1983), as well as interventionist institutions aimed at macroeconomic stabilization for the purpose of maintaining income and employment (Gallarotti, 2000). The Great Depression of the 1930s strongly reinforced the macroeconomic interventionist posture of the state in capitalist nations due to an unprecedented social and economic crisis in terms of mass unemployment, fall in production, and social and political unrest that threatened the very survival of the capitalist world order. This “empirici