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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... improvements over time in the efficiency of economic organizations. The approach helps us to test the proposition of convergence of best practices. Economic reforms increase global integration through trade and multinational investment ...
... improvements in the institutions in terms of the reduction in transaction costs of exchange mechanisms, it is not a straightforward issue to understand the effect of reforms on economic activity. This is because on one hand the reforms ...
... improvements in market exchange. With the changing nature of transaction costs, organizations (firms and governments) have to alter governance structures for reducing the transaction costs of the exchange mechanism over time. This can ...
... improvements in micro level governance mechanisms, in turn, engender evolution of markets and institutions. I briefly discuss what I mean by policy reforms as parameter and qualitative shifts in elements of the institutional environment ...
... improvements in capital markets, which reduce the power of access to capital as a monopoly source. To illustrate, bonded labor, an institutional arrangement quite prevalent in rural India till recently, came about as a result of the ...
Contents
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 | |
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 |