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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.
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
This book shows how the institutional framework of a society emerges and how markets within institutions work.
An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
This book examines the institutional dimension of markets and the rules and institutions that condition the operation of market economies.
How do markets work? This reader introduces the student to the workings of the market, explaining both the reasons for its success and its shortcomings. Throughout, the text encourages a critical approach demonstrating the diversity of market economies. In particular it explores: the social nature of market economies the range of approaches to the study of the market: Marxist, Austrian, Keynesian and institutional economics are discussed as alternatives to the neo-classical mainstream the differences between Anglo-American, European and Asian economic models the historical development of markets globalisation: its extent and its impact the costs and the benefits of markets With chapters by Will Hutton, John Gray and Eric Hobsbawm, this reader provides an excellent introduction.
An analysis of recent data on the economic behavior of market institutions in sub-Saharan Africa, with implications for future research and current policy. In Market Institutions in Sub-Saharan Africa, Marcel Fafchamps synthesizes the results of recent surveys of indigenous market institutions in twelve countries, including Benin, Ghana, Kenya, Madagascar, Malawi, and Zimbabwe, and presents findings about economics exchange in Africa that have implications both for future research and current policy. Employing empirical data as well as theoretical models that clarify the data, Fafchamps takes as his unifying principle the difficulties of contract enforcement. Arguing that in an unpredictable world contracts are not always likely to be respected, he shows that contract agreements in sub-Saharan Africa are affected by the absence of large hierarchies (both corporate and governmental) and as a result must depend to a greater degree than in more developed economies on social networks and personal trust. Fafchamps considers policy recommendations as they apply to countries in three different stages of development: countries with undeveloped market institutions, like Ghana; countries at an intermediate stage, like Kenya; and countries with developed market institutions, like Zimbabwe. Market Institutions in Sub-Saharan Africa caps ten years of personal research by the author. Fafchamps, in collaboration with such institutions as the Africa Division of the World Bank and the International Food Policy Research Institute, participated in the surveys of manufacturing firms and agricultural traders that provide the empirical basis for the book. The result is a work that makes a significant contribution to research on the continuing economic stagnation of many countries in sub-Saharan Africa and is also largely accessible to researchers in other fields and policy professionals.
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