State, Market and Welfare: Issues and Perspectives

Author(s)	Dr. Manish Kumar
Country	India
Abstract	The questions about the role of state and the market in the economy have been a source of major discussion and debate in economics. The role of the state usually follows from the market failure in resource allocation and distribution. The state and market are however interdependent and the diving line between the public and private sectors is fast getting blurred due to application of PPP models in various sectors of the economy. The state is indispensable for the smooth operation of the market economy. Higher economic growth generates more resources that the state can use to implement its welfare schemes for the underprivileged. Globalization offers opportunities for trade and economic growth. Capitalism however is adynamic system that also creates periodic crises causing severe disruption in the economy. This calls for an active state that can act as a buffer during such challenging economic times. In a democracy economic policies should try to maintain balance between welfare and imperatives of economic growth.
Keywords	State, Market, Welfare, Globalization, Capitalism, Economic Growth, Economic Policy
Field	Sociology > Economics
Published In	Volume 8, Issue 1, January-February 2026
Published On	2026-01-17
DOI	https://doi.org/10.36948/ijfmr.2026.v08i01.66747

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