Property rights, governance structures and rules of exchange are arenas in which modern states establish rules for economic actors. States provide stable and reliable conditions under which firms organize, compete, cooperate and exchange. The enforcement of the laws affects what conceptions of control can produce stable markets. There are political contests over the content of laws, their applicability to given firms and markets, and the extent and direction of state intervention into economy. Such laws are never neutral. They favor certain groups of firms.
Neil FligsteinRelated topics
applicability certain content control direction enforcement favor given intervention produce property reliable stable state under Laws Rules StatesRelated quotes
It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.
Niccolò Machiavelli
American intervention in Yemen is a product of the war on terror...Because American security was given priority over all other concerns, counterterrorism agencies paid no attention to the human rights abuses being committed by their local partners...Because America has invested so heavily in Yemen's security forces, it now seems that a transition to democracy will depend on whether Washington believes that investment will remain secure...Sadly, it seems likely that the United States will support figures from the old regime rather than allow a transitional government approved by the people to take control.
Tawakkol Karman
Even if the doctrine of substantive due process were somehow defensible, it is not, petitioners still would not have a claim. To invoke the protection of the Due Process Clause at all, whether under a theory of 'substantive' or 'procedural' due process, a party must first identify a deprivation of 'life, liberty, or property'. The majority claims these state laws deprive petitioners of 'liberty', but the concept of 'liberty' it conjures up bears no resemblance to any plausible meaning of that word as it is used in the Due Process Clauses.
Clarence Thomas
The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households and firms in the economy. The two loops of the circular-flow diagram are distinct but related. The inner loop represents the flows of inputs and outputs. The households sell the use of their labor, land, and capital to the firms in the markets for the factors of production. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods...
Greg Mankiw
Until the last great war, a general expectation of material improvement was an idea peculiar to Western man. Now war and its aftermath have made economic and social progress a political imperative in every quarter of the globe. If we ignore this, there will be no peace. There has been a widening of horizons to which in the West we have been perhaps too insensitive. Yet it is as important as the extension of our vision into outer space.
Today continuing poverty and distress are a deeper and more important cause of international tensions, of the conditions that can produce war, than previously.
Lester B. Pearson