Communities and Markets in Economic Development (Hardcover)

Hardcover. This book explores the role of community in facilitating the transition to market relationships in economic development, and in controlling and sustaining local public goods such as irrigation, forests, grazing land, and fishing grounds. Previously it was customary to classify economic systems in terms of varying combinations of state and market control of resource allocation. In contrast, this book recognizes community as the third major element of economicsystems. This new approach also departs from the conventional view that markets and community norms should be treated as mutually exclusive means of organizing economic activity, instead clarifying thesituations in which they may become complementary. Further discussion focuses on the conditions under which management of local commons can, and should, be delegated to local communities rather than subjected to the control of central government.These and other issues are investigated by twenty-one leading scholars from economic history, development economics, agricultural economics, and institutional economics. The resulting volume is the latest in a set of four booksabout East Asian developmental experiences, co-sponsored by the Economic Institute of the World Bank and the Stanford Institute of Economic Policy Research. It will appeal to economists and othersocial scientists with an interest in economic development, history, comparative systems, and institutional economics. Using historical evidence combined with recent developments, this volume presents historical, contemporary, and theoretical perspectives on the role of local communities and social norms in the economic development process. This item is printed on demand. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability.…