Exchange And Markets In Early Economic Development
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Exchange and Markets in Early Economic Development by John D. Conroy Pdf
The idea of an informal economy emerged from, and is a critique of, the ideology of ‘economic development’. It originated from Keith Hart’s recognition of informal economic activity in 1960s Ghana. In the context of four colonialisms – German, British, Australian and Dutch – this book recounts Hart’s effort in 1972 to introduce the informal ‘sector’ into development planning in Papua New Guinea. This was problematic, because ‘the market’ was scarcely institutionalized, and traditional modes of exchange persisted stubbornly. Rather than conforming with post-colonial economic ideology, the subjected people pushed back against imposed bureaucracy to practice informal and hybrid modes of economic activity.
Exchange and Development by Peter A. Cornelisse,Erik Thorbecke Pdf
'Characterizing and understanding why and how economic actors exchange goods and services is undoubtedly one of the most important concerns of economics. Cornelisse and Thorbecke provide us with a framework to better understand the bewildering diversity of forms of exchange according to items transacted, actors involved, and environments where exchanges occur. This is done by developing the novel concept of exchange configurations. This relatively simple lens makes for a fascinating re-interpretation of the long and complex process of economic development.' Alain de Janvry, University of California at Berkeley, US 'The authors of this volume are spot on when they note that "the perspective alters drastically when it is realized that economic exchange as it occurs in the real world is a laborious and costly process with uncertain and imperfect outcomes". We all have a lot to learn from this highly original, thought provoking contribution to our understanding of the very core of economic and development thinking.' Finn Tarp, United Nations University World Institute for Development Economics Research, Finland and University of Copenhagen, Denmark This innovative and important book develops a new framework for analysing exchange that takes place within and outside markets over the course of development. The authors argue that development and social and economic progress are greatly enhanced by a fluent and efficient exchange system. Conversely, the process of development encourages and facilitates trade. The authors introduce the concept of exchange configurations to capture the multiplicity of settings within which exchange occurs and the many different forms exchange and transactions can take. The book shows how exchange configurations can help to identify the factors that constrain the exchange process and lead to the formulation of effective reforms. It then uses a historical analysis of systems of exchange during different phases of development over the last two millennia to illustrate different exchange configurations. Exchange and Development will appeal to students at both the graduate and undergraduate level in the fields of economic development, international trade, microeconomics, institutional economics and economic history. Researchers in universities and policy makers in governments and international agencies will also draw much benefit from the entirely novel approach formulated in this book.
Markets and Exchanges in Pre-Modern and Traditional Societies by Juan Carlos Moreno Garcia Pdf
Markets emerge in recent historical research as important spheres of economic interaction in ancient societies. In the case of ancient Egypt, traditional models imagined an all-encompassing centralized, bureaucratic economy that left practically no place for market transactions, as many surviving documents only described the activities of the royal palace and of huge institutions, mainly temples. Yet scattered references in the sources reveal that markets and traders were crucial actors in the economic life of ancient Egypt. In this perspective, this volume aims to discuss the role of markets, traders and economic interaction (not necessarily organized through markets) and the use of “money” (metals, valuable commodities) in pre-modern societies, based on archaeological, anthropological, and historical evidence. Furthermore, it intends to integrate different perspectives about the social organization of transactions and exchanges and the different forms taken by markets, from meeting places where exchanges operated under ritualized procedures and conventions, to markets in which profit-seeking activities were marginal in respect with other practices that stressed, on the contrary, community collaboration. The book also deals with social forms of pre-modern exchanges in which trust and ethnic solidarity guaranteed the validity of commercial operations in the absence of formal codes of laws or accepted authorities over long distances (trade diasporas, guilds, etc.). Finally, the volume analyzes a critical aspect of small-scale trade and markets, such as the commercialization of agricultural household production and its impact on the peasant economic strategies. In all, the book covers a diversity of topics in which recent research in the fields of economic sociology, archaeology, anthropology, economics, and history proves invaluable in order to analyze the role of Egyptian trade in a broader perspective, as well as to suggest new venues of comparative research, theoretical reflection, and dialogue between Egyptology and social sciences.
Markets and Exchanges in Pre-Modern and Traditional Societies by Juan Carlos Moreno Garcia Pdf
Markets emerge in recent historical research as important spheres of economic interaction in ancient societies. In the case of ancient Egypt, traditional models imagined an all-encompassing centralized, bureaucratic economy that left practically no place for market transactions, as many surviving documents only described the activities of the royal palace and of huge institutions?mainly temples. Yet scattered references in the sources reveal that markets and traders were crucial actors in the economic life of ancient Egypt. In this perspective, this volume aims to discuss the role of markets, traders and economic interaction (not necessarily organized through markets) and the use of “money” (metals, valuable commodities) in pre-modern societies, based on archaeological, anthropological and historical evidence. Furthermore, it intends to integrate different perspectives about the social organization of transactions and exchanges and the different forms taken by markets, from meeting places where exchanges operated under ritualized procedures and conventions, to markets in which profit-seeking activities were marginal in respect with other practices that stressed, on the contrary, community collaboration. The book also deals with social forms of pre-modern exchanges in which trust and ethnic solidarity guaranteed the validity of commercial operations in the absence of formal codes of laws or accepted authorities over long distances (trade diasporas, guilds, etc.). Finally, the volume analyzes a critical aspect of small-scale trade and markets, such as the commercialization of agricultural household production and its impact on the peasant economic strategies. In all, the book covers a diversity of topics in which recent research in the fields of economic sociology, archaeology, anthropology, economics and history proves invaluable in order to analyze the role of Egyptian trade in a broader perspective, as well as to suggest new venues of comparative research, theoretical reflection and dialogue between Egyptology and social sciences. The book will also address pre-modern social organizations of trade activities in which trust and ethnic solidarity guaranteed the validity of commercial operations in the absence of formal codes of laws or accepted authorities over long distances, particularly trade diasporas, guilds, etc. This book will be the first in the new series from Oxbow, Multidisciplinary Approaches to Ancient Societies.
Exchange and Markets in Early Economic Development by John D. Conroy Pdf
The idea of an informal economy emerged from, and is a critique of, the ideology of ‘economic development’. It originated from Keith Hart’s recognition of informal economic activity in 1960s Ghana. In the context of four colonialisms – German, British, Australian and Dutch – this book recounts Hart’s effort in 1972 to introduce the informal ‘sector’ into development planning in Papua New Guinea. This was problematic, because ‘the market’ was scarcely institutionalized, and traditional modes of exchange persisted stubbornly. Rather than conforming with post-colonial economic ideology, the subjected people pushed back against imposed bureaucracy to practice informal and hybrid modes of economic activity.
Development Theory and the Economics of Growth by Jaime Ros Pdf
Why are some countries richer than others? Why do some economies grow so much faster than others do? Do economies tend to converge at similar levels of per capita income? Or is catching up simply impossible? These questions have vast implications for human welfare. After a period of lack of interest in growth theory, they are back on the research agenda of mainstream economics. They have also been at the heart of development economics since its inception some decades ago. This book endeavors to answer such questions by blending classical contributions to development theory with recent developments in the economics of growth. The unifying theme is that early theoretical insights and accumulated empirical knowledge of development economics have much to offer to research in the theory and empirics of economic growth. With the help of a number of recent contributions, the ideas and insights of the classical literature in development economics can be given simple and rigorous formulations. Together, they amount to an approach to growth theory that can overcome the long-recognized empirical shortcomings of neoclassical growth economics, while being free from the objections that can be raised against the new brand of endogenous growth theory. In addition to an original thesis on the contribution that early development theory can make to the research program of modern growth economics, the book provides professional and research economists and graduate students with an evaluation of the strengths and limitations of the different strands of inquiry in the modern economics of growth. In addition it presents findings on comparative growth performance across countries. Jaime Ros is Professor of Economics and Faculty Fellow of the Helen Kellogg Institute of International Studies, University of Notre Dame.
The study of economic development is one of the newest, most exciting, and most challenging branches of the broader discipline of economics and political economy. Although one could claim that Adam Smith was the first "development economist", the systematic study of the problems and processes of economic development in Africa, Asia, and Latin America has emerged only over the past five decades. This biography of the subject of economic development will focus on the essential ideas in the evolution of development thought and policy over the subject's half-century of life. In concise form and avoiding undue technicality, it highlights the influence of development theory on policymaking and on the mixed record of successes and failures in promoting development efforts. The interpretation of theory, policy, and the lessons of experience are covered in three periods: early development economics of the 1950s-60s; orthodox reaction of the 1970s-80s; and the new development economics of the 1980s-90s. Gerald Meier-one of the world's most prominent leading thinkers in the economics of development - interprets the past treatment of development problems with the present and future in mind. He re-interprets the past two generations of development economists in a contemporary voice. And in a forward-looking fashion, the book's perspectives should make the next generation of development problems-and development economists-more intelligible. The reader is invited to consider whether development economists really know how to put matters right.
Exchanges play an essential and central role in the world's economy. They epitomize transparency in the price-formation process, informing investors and disseminating vital information for the functioning of financial markets, and in so doing they represent an important source of capital for nascent and established companies alike. Even during the recent crisis, exchanges remained open and liquid in the face of extreme volatility-thus the trust investors place in regulated exchanges when confronted with uncertainty is beyond doubt. Since the inception of the World Federation of Exchanges in the 1960s, the operational and competitive landscape for organized exchanges has changed radically. Technology and globalization have allowed financial flows to move freely across borders, and burgeoning competition and lower regulatory barriers have spurred far-reaching transformations in the way securities are traded. Against this background, and on the occasion of the 50th anniversary of the World Federation of Exchanges, the WFE has partnered with Larry Harris and the Centre for European Policy Studies to produce a definitive volume of essays to take a look at the historic role exchanges have played in the global economy, highlighting pivotal innovations that shaped this role, and to lay out prospective ways in which exchanges will continue to shape the global economy in the future. Opening with key conceptual essays by leading academics, Regulated Exchanges examines the historical contribution of exchanges to the world's economic growth, exchanges' economic importance, and the regulatory characteristics of the space in which exchanges operate. The volume then presents essays on several defining milestones in the history of exchanges written by leading figures that took part in that very history, showing the interaction between the founding of exchanges, local cultures, and world financial markets. The book appropriately closes with a look forward, examining the competitive landscape and the exciting and promising future of regulated exchanges. Offering an unparalleled collection of perspectives from leading academics and practitioners involved in the history of exchanges, Regulated Exchanges sheds a brilliant and welcome light on how exchanges have influenced and fostered successful financial markets, and how they will do so for many years to come.
Published originally in 1990 to critical acclaim, Robert Wade's Governing the Market quickly established itself as a standard in contemporary political economy. In it, Wade challenged claims both of those who saw the East Asian story as a vindication of free market principles and of those who attributed the success of Taiwan and other countries to government intervention. Instead, Wade turned attention to the way allocation decisions were divided between markets and public administration and the synergy between them. Now, in a new introduction to this paperback edition, Wade reviews the debate about industrial policy in East and Southeast Asia and chronicles the changing fortunes of these economies over the 1990s. He extends the original argument to explain the boom of the first half of the decade and the crash of the second, stressing the links between corporations, banks, governments, international capital markets, and the International Monetary Fund. From this, Wade goes on to outline a new agenda for national and international development policy.
Author : Roy E. Allen Publisher : Edward Elgar Publishing Page : 224 pages File Size : 55,9 Mb Release : 2016 Category : Business & Economics ISBN : 9781785361111
Financial Crises and Recession in the Global Economy, Fourth Edition by Roy E. Allen Pdf
This new edition of Financial Crises and Recession in the Global Economy explores the major financial instabilities and evolutionary trends in the global economy since the 1970s. A learned but accessible book, it is perfect for a broad audience of academics and practitioners but has also been used as a supplementary textbook for courses in international economics, international finance, money and banking, and macroeconomics.
Liberalization in the Process of Economic Development by Lawrence B. Krause,Kim Kihwan Pdf
Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
Author : Javier A. Reyes,W. Charles Sawyer Publisher : Taylor & Francis Page : 361 pages File Size : 51,5 Mb Release : 2011-03-25 Category : Business & Economics ISBN : 9781136814532
Latin American Economic Development by Javier A. Reyes,W. Charles Sawyer Pdf
Latin America is one of the most interesting parts of the world. The region’s illustrious history, culture, and geography are famous internationally, but in terms of economics, Latin America has been generally associated with problems. For many, the combination of a resource rich region and poor economic conditions has been a puzzle. Latin American Economic Development provides the most up to date exploration of how this happened with a focus on why the continent can be considered to have underperformed, how the various Latin American economies function and the future prospects for the region. This textbook addresses the economic problems of Latin America theme by theme. The first four centuries of Latin American economic development are explained with reference to historical and institutional factors; the role of commodities; import substitution industrialization; and the resultant slow growth of the region. The development of Latin America during the twentieth century is examined through the policies of governments toward international trade and the management of the exchange rate. A result of these policies was the accumulation of significant debt in the region that resulted in substantial economic instability. The final section of the book explains how all of these themes have contributed to two dominant problems for the region: poverty and inequality. The purpose of this book is to provide a comprehensive text for increasingly popular undergraduate economics courses on Latin America. However, the book has been carefully designed for use by both students majoring in economics and for those in other disciplines looking for a wide-ranging guide to the region. This book should be an invaluable resource for undergraduates looking at Latin American economics, growth and development.
The Invisible Hand? offers a radical departure from the conventional wisdom of economists and economic historians, by showing that 'factor markets' and the economies dominated by them — the market economies — are not modern, but have existed at various times in the past. They rise, stagnate, and decline; and consist of very different combinations of institutions embedded in very different societies. These market economies create flexibility and high mobility in the exchange of land, labour, and capital, and initially they generate economic growth, although they also build on existing social structures, as well as existing exchange and allocation systems. The dynamism that results from the rise of factor markets leads to the rise of new market elites who accumulate land and capital, and use wage labour extensively to make their wealth profitable. In the long term, this creates social polarization and a decline of average welfare. As these new elites gradually translate their economic wealth into political leverage, it also creates institutional sclerosis, and finally makes these markets stagnate or decline again. This process is analysed across the three major, pre-industrial examples of successful market economies in western Eurasia: Iraq in the early Middle Ages, Italy in the high Middle Ages, and the Low Countries in the late Middle Ages and the early modern period, and then parallels drawn to England and the United States in the modern period. These areas successively saw a rapid rise of factor markets and the associated dynamism, followed by stagnation, which enables an in-depth investigation of the causes and results of this process.
The Transformation of Latin America by Federico Foders,Manfred Feldsieper Pdf
This volume analyzes contemporary economic policy in Latin America and offers a concise overview of the problems and prospects for future economic development. Topics covered include macroeconomic stabilisation, central bank policies in transition economies, and foreign direct investment.