Scholars came to distinguish between “inclusive” and “extractive” societies. Extractive regimes concentrate both political and economic power in the hands of an elite few. Healthy inclusive societies, by contrast, rest on three foundations: a free market; a strong civil society; and a democratically elected, transparent, capable, and responsive government. Together these three institutions hold each other accountable, balancing the power of the free market with the need to provide public goods and the need to ensure that the market remains both free and fair.
Content: Quotation
Author: Rebecca Henderson
Source: Management and Business Review (MBR)
Subjects: Capitalism, Economics
Author: Rebecca Henderson
Source: Management and Business Review (MBR)
Subjects: Capitalism, Economics
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