Making a Market : The Institutional Transformation of an African Society
Book Details
Format
Paperback / Softback
Book Series
Political Economy of Institutions and Decisions
ISBN-10
0521574269
ISBN-13
9780521574266
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Sep 13th, 1996
Print length
234 Pages
Weight
344 grams
Dimensions
15.40 x 22.80 x 1.20 cms
Product Classification:
Political economy
Ksh 6,150.00
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In Making a Market, Jean Ensminger analyses the process by which the market was introduced into the economy of a group of Kenyan pastoralists. This 1993 case study points out the importance of understanding the roles of ideology and bargaining power - in addition to pure economic forces, such as changing relative prices - in shaping market institutions.
Economists have devoted considerable effort to explaining how a market economy functions, but they have given a good deal less attention to explaining how a market economy is formed. In Making a Market, Jean Ensminger analyses the process by which the market was introduced into the economy of a group of Kenyan pastoralists. Professor Ensminger employs new institutional economic analysis to assess the impact of new market institutions on production and distribution, with particular emphasis on the effect of institutions on decreasing transaction costs over time. This 1993 study traces the effects of increasing commercialisation on the economic well-being of individual households, rich and poor alike, over considerable time and analyses the process by which institutions themselves are transformed as a market economy develops.
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