Business Enterprises and Entrepreneurship
Edited by Geoffrey Jones and Andrea Lluch
Chapter 8: Public-private relationships in Chile after 1990
Over the past two decades, theoretical and empirical studies on economic development have highlighted the benefits of collaborative relationships between the state and the private sector. Indeed, it is now widely accepted that markets require institutions to set the rules of the game. Neo-institutionalism theories underscore the need to build quality institutions that contribute to streamlining the activities of economic agents, while promoting long-term visions, credibility, trust, learning, and technological innovation. The discussion on new development strategies that meet both equity and competitiveness requirements also highlight the need for adequate cross-sector public-private cooperation mechanisms. For instance, the Nobel Prize laureate Joseph Stiglitz has argued ‘a new development strategy . . . should not only include coordination among several agencies within government but also between public and private sectors as well as among private sector segments’. From another standpoint, the Harvard economist Dani Rodrik has stressed that numerous market flaws and state shortcomings require that competitiveness policies be viewed as a ‘process’ driving collective learning and a ‘discovery’ of new opportunities to enhance competitiveness and growth. ‘What is needed instead’, he argued, is a more flexible form of strategic collaboration between public and private sectors, designed to elicit information about objectives, distribute responsibilities for solutions, and evaluate outcomes as they appear.’
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