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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... domestic firms were not allowed to invest outside their regional jurisdiction, while there were no similar restrictions on foreign firms. This created peculiar incentives for local private firms to convert their businesses to foreign ...
... domestic savings rates in China, Chinese institutional mechanisms caused large flows of foreign capital, which became a major source for economic growth. However, it is at the cost of economic efficiency – if the local agents were given ...
... domestic 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 ...
... domestic capital formation have been much lower but the ground-up approach to free markets has resulted in better utilization of capital (Sutton, 2004). Table 1 shows some of the indices of economic freedom in India and China. On most ...
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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 |