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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... example of industrialists in India, when reforms initiated the process of liberalizing the entry of transnational corporations (TNCs) in the mid-1980s, a few dominant incumbent industrialists organized themselves into what was then ...
... example, in the Western capitalist societies, complex institutional structures at the constitutional and corporate level have been devised and implemented over time in order to constrain economic agents, so as to reduce the uncertainty ...
... example, the Enron Corporation, in its involvement with the Dabhol Power Company (DPC), had to fight about twenty-seven court cases filed by private parties under public interest litigation and environmental grounds. On the other hand ...
... example, reductions in import tariffs and exchange rate movements change the relative prices faced by different industries. Qualitative shifts in the institutional environment eliminate some transaction costs once and for all and change ...
... example of the latter aspect is deregulation when technological change reduces the natural monopoly (global economies of scale) properties of certain industries. On the basis of Pareto optimality conditions, policy changes are supposed ...
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 |