Market economy

This article details the manner in which the land rights of the Kodava have changed over the past two centuries and the various implications of that. It shows how customary land rights were codified first by the Lingayat Rajas, how this codification was strengthened by the British, and the consequences of a historical transformation from common ownership in a marketless context to individual ownership in an increasingly market-dominated political economy.

In vertical markets, volatility at one level of the market may transmit itself to another level. This paper examines the linkages that exist between spreads at different levels of the market hierarchy in Indian rice markets, and highlights the behaviour of spreads in the presence of information asymmetry. The paper also models possible differences between the reaction to an upward revision of the spread from that to a downward revision.