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from Part III - The Period after the 1970s
Published online by Cambridge University Press: 07 December 2023
The economy is characterized by growing complexity and “Termites” and complexity affect the democratic process. Technological developments in recent decades have facilitated the creation of rents allowing some individuals to extract very large compensations from the economic activities. This has led some observers to describe the present market and capitalist system as “crony capitalism”. That system is also affected by the existence of “lemons” using Ackerlof’s terminology. Lemons and fake products are now frequent in the economic exchanges, raising questions as the contribution of many market exchanges to welfare. Termites have also affected the exchanges between citizens and governments and in some cases have created “legal jungles.”
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