Evolution of Markets and Institutions: A Study of an Emerging Economy

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Routledge, Sep 27, 2006 - Business & Economics - 352 pages
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The 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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Contents

List of figures
Tables Table 1 Index of economic freedom
The conceptual framework
Initial conditions and economic policy reforms
Figures
Percentage share of three major sectors in employment and
The direction of structural changes
Transaction costs of the Inspector Raj in May 2000
RD expenditure by the large Indian companies
Organizational change
Sample of acquiring firms involved in the MAs process between 1995
Annual average growth rate of vertical integration 19909 a sample of commodity and manufacturing industries
Some indicators of postreform India
The evolution of public and private order institutions
Institutions for effective tax administration
Conclusion

Performance of the Indian economy 19702001
Comparative profile of financial intermediaries and markets in India
some selected indicators 19801 to 20001
Foreign direct investment and trade in India
Growth rates and sectoral shares of the service industry
Competitive dynamics
motorcycle industry Bajaj Auto and Hero Honda
India
Technological change
Industrywise breakdown of foreign collaboration approvals in India
The industry list
Firmlevel data
Econometric explanation of market shares
Industries with decline in annual average growth rate in vertical
Notes
References
Index
integration 19909
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Murali Patibandla

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