THEORETICAL APPROACHES REGARDING STATE ROLE IN THE ECONOMY IN THE CONTEXT OF GLOBALISATION: VIEWPOINTS FROM VIETNAM’S PERSPECTIVE
Tran Thang Long
Ho Chi Minh City University of Law
Abstract. Despite its diversity, the market economy is inseparable from the role of the state. Differences between historical periods and between countries are in terms of the nature of the State, the extent and scope of the state’s intervention in the economy, and the consequences of such intervention in the market. At present, globalization asserts and demands the promotion of the role of the state and the need to adjust it to adapt to the effects of globalization. This article presents Vietnam’s point of view is that in a market economy, and particularly, in the context of globalisation, the role of the state will not be diminished, and state management and intervention are always necessary. For Vietnam, the theory which advocates state intervention in addressing market failures is a perfect suit. This will make Vietnamese economy be adaptive with requirements of market economy in the context of globalisation in one hand, but in the other hand, this will enable the state to react promptly to deal with market failures and other problems caused by the integration to the world economy.
Keywords: state role, theories, market economy, socialist orientation, Vietnam