Monitoring the State or the Market

Vito Tanzi is Honorary President of the International Institute of Public Finance (IIPF). He was the Undersecretary for Economy and Finance for the Italian government and the Director of the Fiscal Affairs Department at the International Monetary Fund. He is the recipient of five honorary degrees and has authored twenty-five books and hundreds of articles. An economic effect, the 'Tanzi Effect,' carries his name.

• Part I.: 1. Introduction; 2. Early views on the economic role of the state; 3. Laissez faire and the industrial revolution; 4. The Beginning of economic reforms; 5. On resource allocation, optimality and equity; 6. On beginning of changes in the activities of governments; 7. Toward larger government roles; Part II.: 8. The Growing importance of equity and safety nets; 9. The creation of welfare states; 10. The conservative counterrevolution; 11. Different approaches to social protection; 12. The economy in the 1970s; Part III.: 13. A return to 'laissez faire'?; 14. The policies of market fundamentalism: tax reforms, globalization and deregulation; 15. The growing importance of monetary policy; 16. Equity aspects of market fundamentalism; 17. Other aspects of market fundamentalism; 18. Cultural aspects of fundamentalism; 19. Growing conflict between efficiency and equity; 20. Intellectual property and venture capitalists; 21. The world in the 21st century; 22. Impact of new economic developments on market and democracy; 23. More on economy and culture in the present time; 24. Summing up and general conclusions.

'The book encapsulates Tanzi's reflections and musings on both economic history and the history of economic thought from the three periods studied. His aim of evaluating who was more sensible, those pushing for minimal state involvement or those arguing for a larger role for the government, is admirable and timely. Recommended.' K. J. Murphy, CHOICE