Description
Book SynopsisThe Emergence and Evolution of Markets examines the development of markets based on empirical examples from Western economies and from the post-socialist economies of Eastern Europe. It provides an historical dimension to the present problems of transition.
The Emergence and Evolution of Markets clearly demonstrates that liberalization, privatization and changes to formal institutions are not in themselves sufficient to create a successful market economy. In the first part, there is an analysis of general aspects of economic theory with regard to market evolution and an historical assessment of the development of markets. The authors then examine the experiences of some specific markets, including the telecommunications and stock markets to draw general conclusions. In part three they focus on the emerging market systems in post-socialist countries, particularly Kyrgyzstan and Bulgaria. In addition, the discussion offers an empirical analysis of the evolution of capital, currency and agricultural markets, emphasizing the importance of transaction costs and institutions in the development of these markets.
This major book will prove invaluable to academics and policymakers interested in the areas of transition economics, political economy, and policy analysis.
Trade Review'This book could profitably be read by more than economists or specialists on Hungary. It does not require a sophisticated technical knowledge, and it goes well beyond a country study. What Kornai makes clear is that post communist transition is a process of worldwide significance to be explored with the whole array of tools provided by the social sciences.' -- Marie Lavigne, Slavic Review'. . . the book can be recommended as a valuable attempt at rethinking transition economics. One may hope that further attempts in this direction will contribute to enriching economics itself.'– Philippe Fontaine, The Economic Journal
Table of ContentsContents: Foreword Part I: General Aspects Part II: Evolution of Markets: Experiences and Prospects from the West Part III: From Hierarchies to Markets: The Post-Socialist Experience Index
