market counterrevolution
•On strictly efficiency (as opposed to equity) criteria, there can be little doubt thatmarket price allocation usually does a better job than state intervention.
•However, the criticisms are that;
•Theproblem is that many developing economies are so different in structure andorganizationfrom their Western counterparts that the behavioral assumptionsand policy precepts of traditional neoclassical theory are sometimes questionableand often incorrect i.e. Competitive free markets may not exist in developing countries whatsoever…?!