Otsuka, K. and K. Kalirajan (2010). Community, market and state in development. Basingstoke, Palgrave Macmillan.
This edited volume follows Professor Hayami's (1998) economic development model of 'community, market and state', which argues that since the government cannot solve market failure arising from the problem of assymetrical information, the 'community' has an important economic role to play, through detecting cheating, shirking and other dishonest behaviours of its members, and thus supporting market transactions by reducing 'information assymetry'. The research throughout the collection is based on quantitative community-level data (village surveys, long term panel data of historical changes and other panel data). The contributions draw on empirical material from China, India, Japan, Zambia, Kenya and other countries in Africa and Asia, focusing on the role of the community in economic development, and its relations with agricultural markets, industrialization and the government. This book offers an interesting perspective on 'community' in the context of economic development within 'developing' countries.