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Promoting an effective market economy in a changing world
In this paper we examine the main challenges in promoting an effective market
economy. While the paper ranges widely across the spectrum of economic
institutions and policies, the central theme is the importance of
macroeconomic stability for economic growth in the medium and long run.
Macroeconomic stability may be seen as a public good. Its provision is among
the essential responsibilities of the state both in modern market economies
and in economies transforming themselves into modern market economies.
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