It is crucial to create an enabling legal environment so that citizens may participate in the market and a state can capitalize on its own economic advantages. A state aids the creation and expansion of the market by setting rules for commercial policy, supporting private sector development and intervening at times of failure or crisis. A state’s relationship with a market is highly context-specific, with institutional structures changing with time and circumstance. It is in this tense but creative middle ground where a state must balance regulation while promoting competitiveness, legitimacy and access.
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