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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... 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 ...
... property rights information technology just in time Maruti-Suzuki National Association of Software and Services Companies National Innovative System National Stock Exchange Reserve Bank of India State Bank of India Securities Exchange ...
... law, social and economic norms, property and contractual rights and transaction costs of enforcement in determining the economic prosperity of societies. Ronald Coase (1992) in his Nobel lecture commented: The value of including ...
... property rights, and commercial laws (the rules of the game) so that there are privately owned firms with functioning product and input markets.4 Economic reforms are taken as exogenous shifts in certain elements of the institutional ...
... in determining and enforcing property rights. Similarly, Nigeria was termed a middle-income country about twenty years ago, with a large natural-resource base. Despite its free market policies and openness to international trade and ...
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 |