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CHAPTFR T V

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86230

Ar a fiornl lary t.o t.ha foregolng, 11. 1s nanassary t.o amphasiz a that. t.he apprnanh t.o naw polio i as ha sari on t.ha s a prlnolplas mist. ba oba rac tar 1 zad hy modarat.lon as wali as by grariualnass. 0varamh1t.inus axpans1va poił o las ( a 1 m 1 n g to raplrily ylald vary high rat as of growt.h) mlght. aasily prorinoe parvarsa o u t.o one s. On t.ha ona hanri, t.oo awbl t.lons growt h targat.fi oan ignit.a Inf lat.lonary prooassas baoansa thay ara llkaly to ba 1 noons 1 st.ant. wlt.h t.ha ax1st.1ng and    ava1 labie

prodnot.1va napad ty In t.ha ., short./rned 1 lin rnn; on    t.ha ot.har

hanri, aspadally In t.ha prasant. o o n t. a x t., t.ha mora aihi tlona ara t.ha growt.h t.argot.s t.ha nora llkaly 1s.t.hat thay ara not t.ruateri haoausa thay ara ragarriari as . unraa 1 1 s1.1 c . Tn bot.h nasas, t.ha rasnlt. won Id ba t.ha Inaf faot.1vanaR8 of t.ha polloy and i t.s rilsmtssal, wlt.h 1nev1t.able nagat.1va affaot.s on t.ha global axpant.at.1ons oliwa ta. ' Tnst.ead, oantlous and grariual axpans1va measnres woulri nunh wora aasily avo1ri t.ha risk of fallnra, t.halr morieration m a k 1 n g t.hen wora orarilhla and t.hair grariualnass allowlng t.ha syst.an to arijust to t.ha hlghar lavals of a gg regat, a damanri.

6 • Qf2JLUfi_£!Jlll_JtłljLllHfi— l£_.*__nnw_j^shXon

As wa hava alraariy polnteri out, wa naari not. only a polloy whloh anganriars    a,xpeot.a 1.1 ons of a parmanant. axpans1va

anviron*ent. but also a polloy whloh 1s abla to afflolant.ly anfinra t.hat. t.ha pr1vat.fi saot.or rasponris t.o t.ha st. 1mnli in t.ha 'rlght. way' ,    1.a. by anlarglng oapadt.y and enp 1 oyment..

Tn ot.har worris, t.ha affort.s ri1 ract.eri t.o oraat. ing a parmanant axpans1va framawork do not saam t.o ba a suffldant, t.hough nanos s ary, oonrilt. łon t.o 1ndn ca firma t.o raally taka t.ha paf.h of growt h. Tt. la also naoassary that t.ha arioptari axpans1va lacro-pol Iclas ara assodatari t.o m a a s u r a s at. t. h a »1cro-lftval whloh prov1ria governnants wlt.h t.ha ahllity t.o ohaok and Influenca firma' rasponsas. Thns, 'olri t.hings' (axpansiva »ar.ro-pol Iclas) mnst. ba dona In a naw way. Mora praoisaly, t.rari1t.1onal ways of s1.1 mu 1 a1.1 ng privat.fi aot.1v1t.y oannot. ha foli owad any 1 on gar and t.ha naw st Inni 11    to

aggragat.a growt.h must. ba assodatari t.o Controls oonoarning t.halr affaot.s also at t.ha n1cro-level.

Tradl t.1 onal 'Kaynaslan' macro-pol 1 claa hava baan orlt.icizad for t.halr laok of adfiqiint.fi and thaorat. loally aat.l sfactory oonsldarat.lon and analysls of t.ha    eoonomy’s    rai o r o -

f ounda 1.1 ons. Thasa critldams, as wali known, hava lad t.o naw dftVftlopmfint.8 hasad on t.ha so-oallad 'rat.lonal axpact.a1.1 ons ' . Hara, 1t. 1s not posslbla to ant ar In to a dat.allad survay and thaorat. 1oal orit.1qna of t.his    11 tara tura; hut. 11. is

1nt.arast.1ng and    usaful to    non o ant. rat. a on 1t.s polloy

1mp11ca t.lons, In ordar t.o non t. ras t. it. wlt.h o nr v1awpoint., whloh -t.hough appraolat1va of t.ha ralavanoa of n 1 o r o-a s pa o t s -arr1vfts at. subst.ant. 1ally dl f farant. noncliifi1on.fi wlt.h raspaot. to pollcy.

'Rat.lonal    axpaot.a 1.1 ons '    approaohas, wlt.h vary faw

fi x nap t.lons, arr1va at t.ha conclusion t.hat p u bilo 1nt.arvan t.lons