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. |
From inside the book
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... Structural adjustment and economic diplomacy Obed O. Mailafia Post-apartheid Southern Africa Economic challenges and policies for the future Edited by Lennart Petersson Financial Integration and Development Liberalization and reform in ...
... structural changes 5 Competitive dynamics 6 Technological change 7 Organizational change 8 The evolution of public and private order institutions 9 Conclusion Appendices Notes References Index xii xiii xiv 21 48 88 126 157 204 249 284 ...
... structural adjustment and stabilization program. India achieved an average annual growth rate of 6 percent throughout the 1990s, and about 7 percent in the early 2000s, which is a success story compared to a 3 percent Hindu growth rate ...
... structural changes in terms of growth and the relative importance of different sectors, and micro-level governance of technology and organization through increased competitive dynamics. The direction of the endogenous process is ...
... are governed by hierarchical organizational structure in which incentives become lowpowered, as compared to high-powered incentives of markets. Once we bring in the contractual aspect of economic activity, the issue Introduction 9.
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 |