Development Economics Between Markets And Institutions

"This volume in the Mansholt series presents state of the art discussions on a wide variety of topics in the field of (agricultural) development. More than 20 chapters have been prepared by internationally known scholars and policy analysts, providing a concise overview of a variety of recent debates in development economics. While the background of most contributors is in economic science, the chapters are prepared so that they feed into ongoing policy discussions and are accessible to a wide readership. The contributions in this volume are organized around five themes: prospects for rural poverty alleviation, sustainable management of natural resources, strategies for enhancing food security, markets and the role of the state, and institutions and governance. It is obvious there are many links between these themes, and indeed the integration between them is emphasized in various chapters. This book is prepared as a festschrift or Liber Amicorum for professor Arie Kuyvenhoven. His retirement from the Development Economics Group at Wageningen University, The Netherlands is a good opportunity to take stock of recent developments in the area of agricultural development economics. Therefore, in addition to being a valuable source of information for readers with an interest in development, this volume is also intended as a farewell gift: to Arie, from friends and colleagues."

"The essential role institutions play in understanding economic development has long been recognised and has been closely studied across the social sciences but some of the most high profile work has been done by economists many of whom are included in this collection covering a wide range of topics including the relationship between institutions and growth, educational systems, the role of the media and the intersection between traditional systems of patronage and political institutions. Each chapter covers the frontier research in its area and points to new areas of research and is the product of extensive workshopping and editing. The editors have also written an excellent introduction which brings together the key themes of the handbook. The list of contributors is stellar (Steven Durlauf, Throsten Beck, Bob Allen,and includes a diverse mix of Western and non Western, male and female scholars)"

This book is a survey of the field of development studies from a political economy perspective. It first reviews the academic literature on development and highlights the fundamental importance of institutions and social values, over and above other alternative theories, as determinants in long-run development. In this context, the book draws from the works of Nobel Laureates Douglass North, F.A. Hayek and Elinor Ostrom, and argues that the ingredients of property rights, the rule of law, and market freedoms are essential in generating socio-economic progress. Successful reforms however are not simply a function of constructing formal institutions, but must cohere with the social values, norms, and cultural commitments of local communities. It is in this spirit that the book theorises on the oft-neglected role that political entrepreneurs play in driving endogenous institutional change. Specifically, this book integrates the theoretical discussion on market-driven development with a range of case studies from around the world, featuring the bottom-up efforts of local change agents to pursue institutional reforms and changes in social opinion.

Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.

With contributions from past and present collaborators, this book celebrates the contributions of Kaushik Basu to development economics. It reflects on the issues of rent control, child labour, labour laws, harrassment, shared prosperity, and gender empowerment in the broader context of interactions between markets, governments, and institutions.

'Institutions fix the confines of and impose form upon the activities of human beings.' --Walton Hamilton, 'Institutions', 1932. The 'World Development Report 2002: Building Institutions for Markets' undertakes the complex issue of the basic institutions needed for markets to function properly. This year's 'World Development Report' goes beyond a simple examination of institutional structure and explores the functions of institutions. Recognizing that one size does not fit all, the report asks what do all institutions which support markets do? The answer is simple: Institutions channel information, define and enforce property rights, and increase or prevent competition. Understanding the functions that current institutions and their proposed replacements would provide is the first step. The report contends that once you have identified the institutional functions that are missing, you can then build effective institutions by following some basic principles: - Complement what exists already - in terms of other supporting institutions, human capacities, and technology. - Innovate to suit local norms and conditions. Experimenting with new structures can provide a country with creative solutions that work. - Connect communities of market players through open information flows and open trade. Open trade and information flows create demand for new institutions and improve the functioning of existing structures. - Compete among jurisdictions, firms, and individuals. Increased competition creates demand for new institutions as old ones lose their effectiveness. It also affects how people behave - improving institutional quality. These broad lessons and careful analyses, which links theory with pertinent evidence, are provided in the report. 'World Development Report 2002: Building Institutions for Markets' contains selected 'World Development Indicators'.

This book is a timely reminder of the more fundamental determinants of capital accumulation and innovation. It provides a mixture of conceptual, empirical, historical and methodological approaches to the relationship between institutions, institutional change and economic development.

Intended primarily for Economic Development courses, this text also provides practical content to current and aspiring industry professionals. Gerard Roland's new text, Development Economics, is the first undergraduate text to recognize the role of institutions in understanding development and growth. Through a series of chapters devoted to specific sets of institutions, Roland examines the effects of institutions on growth, property rights, market development, and the delivery of public goods and services and focuses. With the most comprehensive and up to date treatment of institutions on development, Roland explores the important questions of why some countries develop faster than others and why some fail while others are successful.

The new institutional economics is one of the the most important new bodies of theory to emerge in economics in recent years. The contributors to this volume address its significance for the developing world. The book is a major contribution to an area of debate still in its formative phase. The book challenges the orthodoxies of development, espec

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.