Abstract
For most of the 20th century, the free market system prevailed, unleashing entrepreneurial spirits globally and creating prosperity. However, the rise of emerging economies and their governments' role in the global system has revived the old debate over the merits of government interventions versus free markets, which led to a new wave of academic discussions of governments' role in the global system. The number of journal articles regarding the relationship between state ownership and globalization has more than doubled since 2014. But views on this issue are divided. On the one hand, supporters of government intervention claim that businesses can benefit from institutional support, enabling them to compete as national champions on a global scale, especially in countries with the institutional void. On the other hand, supporters of the free market, however, hold a different view. They argue that the free market is the optimal system for business success since it promotes competition and guides business decisions. So, in this panel, we ask: Is the pendulum swinging for government intervention? Or does the free market remain the engine driving economic prosperity and business success?
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