Modern Economic Systems and their Transformation
Societies, whether traditional or modern, experience tension between spontaneity (individual freedom) and control (regulation). Consequently, economies as a subsystem of society experience it too. More specifically, they experience a tension between econo
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Modern Economic Systems and their Transformation J. L. Porket
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in association with PALGRAVEMACMILLAN
First published in Great Britain 1998 by
MACN.ULLANPRESSLTD
Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-1-349-26698-2 DOI 10.1007/978-1-349-26696-8
ISBN 978-1-349-26696-8 (eBook)
First published in the United States of America 1998 by
ST. MARTIN'S PRESS, INC.,
Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 978-0-312-21324-4 Library of Congress Cataloging-in-Publication Data Porket, J. L., 1926Modem economic systems and their transformation I J.L. Porket. p. em.- (St. Antony's series) Includes bibliographical references (p. ) and index. ISBN 978-0-312-21324-4 1. Comparative economics. 2. Capitalism. 4. Economic policy. I. Title. II. Series. HB90.P65 1997 330.1- MP ---> U to G ---> CP ---> U or to G ---> U ---> CP, where G stands for government as funder, MP for monopoly public sector welfare producers, CP for competing welfare producers, and U for users. While in the case of welfare trimming the established welfare state remains in existence, in the case of its reform it is either substantially scaled down or dismantled. That is to say, private provision through
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Governments
self-insurance and individual savings is substituted for public provision paid for out of taxes. A system of individual welfare funds (of personal lifetime accounts) is created, into which people pay their premiums and out of which they draw benefits in the event of open unemployment, sickness, disability, retirement, and the like. Although self-insurance could be voluntary or compulsory, the disadvantage of the former is
