The economy-wide impact of the restructuring of electricity industry makes it an important area for continuing study. This paper looks into the proposed restructuring of the electricity industry, to be accomplished through legal reform, from three perspectives. First, the paper examines the restructuring from the standpoint of the legal conception of the government-nongovernment distinction obtaining […]
Mainstream economics relegated political economy to a backseat position during the dominance of neo-liberalism in the 1980s till the early
1990s. But the tide has changed. Market failures in the 1990s, as exemplified by the successive global financial crises that culminated in the Asian crisis, have forced a retreat of free-market orthodoxy. Keynesian economics, including its left-wing variety, has recovered lost ground. Further, even the strongest advocates of neoclassical economics have recognized the need for better institutions and better regulations. Suffice it to say that in this condition, political economy has likewise made a comeback.