The Transformation of Hayami’s Village

Jonna P. Estudillo, Yasuyuki Sawada, Kei Kajisa, Nobuhiko Fuwa and Masao Kikuchi

Chapter 14 in Community, Market and State in Development, 2010, pp 224-244 from Palgrave Macmillan

Abstract: Abstract One of the most important areas of inquiries in development economics is the choice of the most appropriate economic system that promotes economic development. In reality, an economic system is a combination of various interactions of three important organizations, that is, the community, market, and state. A community is defined as a small group of people characterized by intensive social interactions that tend to minimize information asymmetry between transacting parties, thereby lowering transaction costs of economic activities (Aoki and Hayami, 2001). A market is an organization that coordinates the activities of profit-maximizing firms and utility-maximizing individuals under the guidance of prices, while a state specializes in the supply of public goods by means of legitimate coercive power (Hayami and Godo, 2005).

Keywords: Social Capital; Modern Variety; Bonding Social Capital; International Food Policy Research Institute; Landless Household (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230295018_14

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