Choosing between government and market is not a very helpful exercise since both are necessary. This book argues that it is misplaced to dichotomise between government and market failures. Too much attention is generally placed on government failures and not enough on private corporate failures. Failures occur in both public and private corporate spheres. They may be due to lapses in implementation of policies and programmes. Lack of enforcement in developing countries occurs either because rules and norms do not exist or they are poorly enforced. Emphasis on implementation problems highlights the importance of organizations and institutions.

List of Tables
List of Figures
Preface
List of Abbreviations
Acknowledgements
The Old and the New Political Economy
Theories of Market and Government Failures
Financial Crises: Cases of Market Failure
The Asian Financial Crisis; A.S.Bhalla & D.M.Nachane
The Impact of the Crisis on China and India; A.S.Bhalla & D.M.Nachane
State Enterprises in China and India: A Case of Government Failure
Conclusions: Implementation Problems
Bibliography
Name Index
Subject Index

A.S. BHALLA is David Thompson Senior Research Fellow at Sidney Sussex College, University of Cambridge. Dr. Bhalla has held research and academic positions at the Universities of Yale, Oxford and Manchester. He has published extensively in well-known journals and is the author of several books on different aspects of developments, e.g. Uneven Development in the Third World, Globalization, Growth and Marginalization, Regional Blocs: Building Blocks or Stumbling Blocks, Poverty and Exclusion in a Global World, and Facing the Technological Challenge.