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This (working) paper, while considering some theoretical insights to the debate, tries to make a conscious decision to seek modern expressions of the major perspectives, viz., liberalism, economic nationalism, and structuralism. It also tries to examine how – as Geoffrey Underhill feels – state and market make up a matrix or a ‘condominium’, i.e. “an integrated ensemble of governance” in order to move in a more welfare-oriented and redistributive direction. 

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