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New Institutional Economics
Corruption is a major political and economic issue in India. The stakes, value, frequency, and costs of corruption have become exceptionally high in modern India. This is partly because some of the tenets of the free-market mechanism are implemented without the necessary underlying institutional conditions for an efficient and fair functioning of the market mechanism. This paper brings forth the relevance of the insights of new institutional economics to the functioning of the Indian economy.
I benefi ted from discussions with Oliver Williamson. I am thankful to Rafi q Dossani and Kshitij Awasthi for useful comments.
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