Monday, September 12, 2011

Debate on economy on earth in 21st century

Many modern and world'-historic ideas have been amended and been changing over time. For example, Adam Smith's 'free market' theory has been modified by 'John M. Keynes' ''mixed economy'' since 1930's. There is no more absolutely ''free market'' or completely state-owned economy on earth now. 'The only questions for public debate are '(1) purpose, degree, form and sector of the role of state' s intervention and (2) whether there are elements of corruption, cronyism or / and nepotism in the implementation of the policies of state intervention.