The Role of Community in Economic Development
- 15 February 2001
- book chapter
- research article
- Published by Oxford University Press (OUP)
Abstract
The community is considered the third pillar of the economic system in addition to the market and the state. The market is an organization coordinating competition among people seeking profits by impersonal means of prices, and the state intervenes in matters of resource allocations through the use of coercive power. In contrast, the community organizes collective actions based on mutual trust within a small group characterized by intensive interactions. The community's role in conserving and improving common‐property resources is well known. In addition, its role in supporting market development by its power to enforce trade contracts among transacting parties belonging to the community network is emphasized. This role is especially important in the early development stage.This publication has 140 references indexed in Scilit:
- Changes in the Sources of Modern Economic Growth: Japan Compared with the United StatesJournal of the Japanese and International Economies, 1999
- In Defense of the IMF: Specialized Tools for a Specialized TaskForeign Affairs, 1998
- A Commentary on the “East Asian Miracle”: Are There Lessons to Be Learned?Journal of the Japanese and International Economies, 1996
- On Cultural Evolution: Social Norms, Rational Behavior, and Evolutionary Game TheoryJournal of the Japanese and International Economies, 1996
- Breaking the yield frontier of riceGeoJournal, 1995
- THE IMPACT OF NUTRITIONAL STATUS ON AGRICULTURAL PRODUCTIVITY: WAGE EVIDENCE FROM THE PHILIPPINES*Oxford Bulletin of Economics and Statistics, 1991
- Manufacturer-supplier relationships in Japan and the concept of relation-specific skillJournal of the Japanese and International Economies, 1989
- Behavioural and material determinants of production relations in agricultureThe Journal of Development Studies, 1986
- RENT SEEKING: A SURVEYKyklos, 1982
- The Turnip, The New Husbandry, and The English Agricultural RevolutionThe Quarterly Journal of Economics, 1969