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Essay / Research Paper Abstract
This 14 page paper critically evaluates the market failure approach to the role of government with reference to two areas of public sector activity in UK. The paper considers the governments’ foreign policy towards the third world and the case of Railtrack and how these deal with aiding to prevent market failure and dealing with market failure once it has occurred. The bibliography cites 9 sources.
Page Count:
14 pages (~225 words per page)
File: TS14_TEmfailgov.rtf
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Unformatted sample text from the term paper:
area where government has a role is in areas f potential market failure, these are areas where due to asymmetries in supply and demand there would be a failure of
the market unless government intervenes in some way. If we look at the subject of Market Failure in the UK we can look to areas such as foreign development policy
Market failure occurs when the market does not allocate resources in an efficient manner (Howells and Bain, 2004). In many cases the
market failure may be one that goes unnoticed, on other occasions it is one that creates headlines. The presence of market failure
is often put forward as a reason for regulation in order to prevent market failure from occurring. It is worth noting hat different markets may be likely to see different
types of market failure, and as such it is an issue for all markets, but it is also one that may be seen as key in the economic development of
third world nations, as market failure here may not only be minor, but a major problem, causing problems such as food shortages.
If we look at the role of government and government failure we can look to the UK and the way public policy is developed, especially with the policies that have
been developed towards developing countries and the way the government is seeking to aid them and develop trade with them. This has
an emphasis of trade and the writing off of debts and has seen as shift with the chancellorship of Gordon Brown with a greater level of generosity, but the paternalistic
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