Abstract

This article analyses the relationship between State and market, identifying two main theoretical approaches. The first, connected to the Smithian methodological perspective, considers the concrete functioning of capitalism, as determined by a complex interaction between State, market, and social structure. The second, based on the marginalist and neoclassical perspective, has provided the analytical basis for the current neoliberalist approach. Following these analyses, the article explores the effects of neoliberalism on economic policy regulation, and the topicality of the Smithian perspective.