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- Title
The principle of institutional direction: Coase's regulatory critique of intervention.
- Authors
Campbell, David; Klaes, Matthias
- Abstract
That Coase's political convictions changed from an early socialism to a later neo-liberalism stands in apparent contrast to the theoretical consistency of his early ('The Nature of the Firm') and later ('The Problem of Social Cost') contributions to economics. Offering further evidence about his early views in particular, this paper takes a fresh look at Coase's views on competition and antitrust to show that he consistently stressed the role of what we shall call the principle of `institutional direction', and that this principle involves an important criticism of both neo-liberal and socialist views on regulation and state intervention.
- Subjects
SOCIALISM; EXTERNALITIES; SOCIAL sciences; ECONOMIC competition; LIBERALISM; CRITICISM
- Publication
Cambridge Journal of Economics, 2005, Vol 29, Issue 2, p263
- ISSN
0309-166X
- Publication type
Article
- DOI
10.1093/cje/bei027