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Development EconomicsFrom the Poverty to the Wealth of Nations$
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Yujiro Hayami and Yoshihisa Godo

Print publication date: 2005

Print ISBN-13: 9780199272709

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199272700.001.0001

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The Role of Community in Economic Development

The Role of Community in Economic Development

Chapter:
(p.310) 9. The Role of Community in Economic Development
Source:
Development Economics
Author(s):

Yujiro Hayami

Yoshihisa Godo

Publisher:
Oxford University Press
DOI:10.1093/0199272700.003.0010

The community is considered the third pillar of the economic system in addition to the market and the state. The market is an organization coordinating competition among people seeking profits by impersonal means of prices, and the state intervenes in matters of resource allocations through the use of coercive power. In contrast, the community organizes collective actions based on mutual trust within a small group characterized by intensive interactions. The community's role in conserving and improving common-property resources is well known. In addition, its role in supporting market development by its power to enforce trade contracts among transacting parties belonging to the community network is emphasized. This role is especially important in the early development stage.

Keywords:   common-property resources, community, community failure, community norm, contract enforcement, peasant, plantation, social capital

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