DO DEVELOPED COUNTRIES TEND TO THRIVE MORE THROUGH AN EMPHASIS ON MARKET-ORIENTED POLICYMAKING OR A STATE-ORIENTED WELFARE SYSTEM?

This article examines two different policymaking strategies in developed countries, market-oriented policymaking and state-oriented welfare systems. It defines the key principles of both models and investigates the advantages and disadvantages of each of them in solving the issue of economic performance and social welfare. The article discusses the central question of whether developed countries tend to thrive more through an emphasis on market-oriented policymaking or a state-oriented welfare system, with case examples. The essay argues that both of the approaches are ineffective in their own way; the most appropriate strategy is the balanced combination of market mechanisms and welfare policies.