The role of the state in structural transition and economic crisis

As academicians, we emphasize to our students to keep up with class, and always read ahead. When I took over as President-elect of the WSSA in April of 2008, while busy communicating with the Section Coordinators and plan the 2009 Annual Conference (Reno, Nevada), I would occasionally pause and ponder what I would present for my President Address (reading ahead). What do I know that would be of interest to the general membership of the WSSA? I naturally thought of China and its economic reform, as half of my research output over the last decade has been in this area. Then, the subprime crisis came to be, and I wondered about how the economy would cope. I can claim some expertise to the former, but of no special authority regarding the latter. However, I do have some thoughts regarding the role of the State during such economic upheavals, but in a more conceptual manner than a policy solution.