Evolution of Markets and Institutions: A Study of an Emerging EconomyThe new institutional economics has been one of the most influential schools of thought to emerge in the past quarter century. Taking its roots in the transaction cost theory of the firm as an economic organization rather than purely a production function, it has been developed further by scholars such as Oliver Williamson, Douglas North and their followers, leading to the rich and growing field of the new institutional economics. This branch of economics stresses the importance of institutions in the functioning of free markets, which include elaborately defined and effectively enforced property rights in the presence of transaction costs, large corporate organizations with agency and hierarchical controls, formal contracts, bankruptcy laws, and regulatory institutions. In this timely volume, Murali Patibandla applies some of the precepts of the new institutional economics to India - one of the world's most promising economies. |
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... market economy can be traced from differences in the initial endowments of capitalist institutions, apart from technological and capital endowments at the onset of the reforms.2 The new institutional economics emphasizes the importance ...
... capital from the state, but most of them were operationally highly inefficient. In order to overcome the operational inefficiencies of SOEs, the state used foreign capital to privatize them, as local private agents were not allowed to ...
... capital – removing the controls on the domestic capital first and introducing competition from foreign capital at a later stage. In the case of communist China, private property rights were perceived as a threat to the state and it ...
... markets shows that monopoly power can be curtailed when markets are contestable, which requires entry and exit costs to be zero. One of the conditions for entry costs to be zero is a perfect capital market, which means that a new ...
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Contents
| 1 | |
| 21 | |
3 Initial conditions and economic policy reforms | 48 |
4 The direction of structural changes | 88 |
5 Competitive dynamics | 126 |
6 Technological change | 157 |
7 Organizational change | 204 |
8 The evolution of public and private order institutions | 249 |
9 Conclusion | 284 |
Appendices | 294 |
Notes | 305 |
References | 317 |
Index | 330 |
Other editions - View all
Evolution of Markets and Institutions: A Study of an Emerging Economy Murali Patibandla Limited preview - 2006 |
Evolution of Markets and Institutions: A Study of an Emerging Economy Murali Patibandla No preview available - 2009 |
Evolution of Markets and Institutions: A Study of an Emerging Economy Murali Patibandla No preview available - 2006 |