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Fall 2014

ISSN 0890-913X

Volume 29, Number 3

Categories: Fall 2014 | Finance

The Role of the State in Finance and Money: Implications for Economic Stability

Thomas F. Cargill, University of Nevada, Reno

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TheJournalofPrivateEnterprise29(3),2014,29–42TheRoleoftheStateinFinanceandMoney:ImplicationsforEconomicStabilityThomasF.CargillUniversityofNevada,Reno______________________________________________________AbstractIntheory,theStateensuresthatacountry’sfinancialandmonetaryregimeprovidesafoundationforstableeconomicgrowth;however,therealityismuchdifferent.Theself-interestoftheStateistousetheregimetomaintainandexpandpower,pursueindustrialobjectivesthroughcronycapitalismrelationships,supportfiscalimbalances,andsoon.PubliceducationplaysanimportantroleinsustaininganactivistStateintheregime,andwhiletheconflictbetweentheStateandmarketforceswillforshortperiodsslowtheState’srole,itwillonlybethrougheducationthatthenextgenerationofleadersmaybeabletoreversethepervasiveroleoftheState.______________________________________________________JELCodes:H1,E5,N1,A2Keywords:Finance,Money,Financialandmonetaryregime,Statepolicyfailure,Marketfailure,EducationI.IntroductionThispaperconsiderstherelationshipbetweentheStateandthecountry’sfinancialandmonetaryregime.Thefinancialandmonetaryregimeconsistsofprivatefinancialinstitutionsandmarkets,governmentfinancialinstitutions,governmentsponsoredenterprises,financialregulatoryandsupervisorygovernmentinstitutions,andthecentralbank.Thesecomponentsvarywidelyfromcountrytocountrydependingonitsstageofeconomicdevelopment,history,nationalgoals,andpoliticalinstitutions,butinalleconomies,theregimeistheoreticallyresponsibleforfacilitatingthesavingsandinvestmentprocess,providingastablefinancialenvironmentbylimitingliquiditycrises,preventingdisintermediationandrapidshiftsfromhigherformstolowerformsofmoney,andprovidingastablemonetaryenvironmentbystabilizingthevalueofthenation’smediumofexchange.TheStatefromthebeginninghasassumedsomeroleinthefinancialandmonetaryregime,butfromthebeginningofthe29

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Title	The Role of the State in Finance and Money: Implications for Economic Stability
Authors/Creators:	Thomas F. Cargill, University of Nevada, Reno
Year:	2014
Volume:	29
Number:	3
Pages:	29 - 42
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Finance, Money, Financial and monetary regime, State policy failure, Market failure, Education

Citation:
Cargill, Thomas F. / 2014. "The Role of the State in Finance and Money: Implications for Economic Stability." The Journal of Private Enterprise, 29(3): 29-42.