World Development Report 2002: Building Institutions for Markets [Paperback]

World Bank (Author)

Book Description

Series: World Development Report | Publication Date: August 1, 2001

"Institutions fix the confines of and impose form upon the activities of human beings." —Walton Hamilton, 'Institutions', 1932. The 'World Development Report 2002: Building Institutions for Markets' undertakes the complex issue of the basic institutions needed for markets to function properly. This year's 'World Development Report' goes beyond a simple examination of institutional structure and explores the functions of institutions. Recognizing that one size does not fit all, the report asks what do all institutions which support markets do? The answer is simple: Institutions channel information, define and enforce property rights, and increase or prevent competition. Understanding the functions that current institutions and their proposed replacements would provide is the first step. The report contends that once you have identified the institutional functions that are missing, you can then build effective institutions by following some basic principles: • Complement what exists already - in terms of other supporting institutions, human capacities, and technology. • Innovate to suit local norms and conditions. Experimenting with new structures can provide a country with creative solutions that work. • Connect communities of market players through open information flows and open trade. Open trade and information flows create demand for new institutions and improve the functioning of existing structures. • Compete among jurisdictions, firms, and individuals. Increased competition creates demand for new institutions as old ones lose their effectiveness. It also affects how people behave - improving institutional quality. These broad lessons and careful analyses, which links theory with pertinent evidence, are provided in the report. 'World Development Report 2002: Building Institutions for Markets' contains selected 'World Development Indicators'.

Editorial Reviews

About the Author

The World Bank Group is a group of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and poverty reduction, and for encouraging and safeguarding international investment. The group and its affiliates have their headquarters in Washington, D.C., with local offices in 124 member countries.

Product Details

• Paperback: 264 pages
• Publisher: World Bank Publications (August 1, 2001)
• Language: English
• ISBN-10: 0195216067
• ISBN-13: 978-0195216066
• Product Dimensions: 10.4 x 8 x 0.5 inches
• Shipping Weight: 1.5 pounds (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #1,952,860 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

1 of 1 people found the following review helpful:

5.0 out of 5 stars Pretty good for providing information about development, November 19, 2002

By 

Neel Aroon "jaroon7648" (Lexington, KY United States) - See all my reviews
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This review is from: World Development Report 2002: Building Institutions for Markets (Paperback)

World Development Report 2002 is a good source for understanding of the issues that need to be understand for third world development. It focuses on firms, government and society. It deals with specific facotros with each of these. With firms, it deals with farmers, financial systems and governance of firms. WIth government it deals with political institutions and governance, the judicial system, competition and regulation of infrastructure. WIth society, it deals with norms and net works as well as the media.

Good source to better understand development in the third world.

3.0 out of 5 stars Read this book to fight the corporatocracy, July 26, 2006

By 

Cynthia Berger (Santa Cruz, CA United States) - See all my reviews
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This review is from: World Development Report 2002: Building Institutions for Markets (Paperback)

This book, written from within the mindset of a world bank supporter, is useful for those researching the current world economic system of corporate ascendance, and its validity. This book, by and about the world bank and its programs, is useful for students of revolution. This is an excellent book to read to help understand and change the system that continues to concentrate the wealth and resources of the world into the hands of a tiny but growing minority of uber-rich. The philosophy and info in this well-written resource book helps demonstrate why there is direct proportionality of the concentration of wealth into the hands of a minority, and the growing number of poor in the USA and other places. If the system worked, it should be the exact the reverse, after 50 years of work. This book is good to compare and contrast with "Confessions of an Economic Hit Man" by John Perkins.