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Article at a glance:
- Ronald Coase pioneered the work on transaction cost, which was transformative to economics at large.
- The International Society for New Institutional Economics (ISNIE) continues Coase’s work and celebrates his legacy.
- Oliver Williamson commemorates Coase, who was known for generously sharing credit for his work.
CIPE: What is the role of real estate appraisers? How is their role different in emerging markets?
Bill Endsley: I have had many heated discussions with highly qualified engineers from Cairo to Patagonia who could tell me within a few hundred dollars the cost to build a building. I point out to them that if no one wants to buy the building, lease space in the building, if there is an excess of this type of a property, if it is on or near contaminated land, or any number of other reasons, then the market value of the building may be significantly less than the cost to build. In many countries, I have passed empty concrete shells, abandoned buildings – even theme parks – that took advantage of a ready flow of capital, but not the basics of supply and demand.Read more...
Why interest in governance?
Four sets of phenomena have combined to drive the explosive growth of interest in the quality of governance – and with it the use of governance indicators – in recent years.Read more...
As competition for foreign and domestic investment is heating up, companies continue to search for ways to remain competitive. Good corporate governance is increasingly recognized as an effective tool to improve firm competitiveness as well as the overall economic climate in a country. In the South Asia region, while family-owned businesses are a major component of the economy, they increasingly face stiff competition from new market entrants. In response to issues of competitiveness and sustainability, family-owned businesses are coming to terms with the need to establish an institutionalized governance process, develop a succession plan, and separate ownership from control. The implementation of good corporate governance practices can help to eliminate many of these problems. The following overview of corporate governance provides the context for an examination of issues specific to the adoption of corporate governance principles by family firms in South Asia.
Corporate GovernanceRead more...
Rampant corruption in the 1990s ensured that most interactions between entrepreneurs and Georgian officials involved a combination of bribery, coercion, and shady dealings. When providing services mandated by law, public officials would frequently use their positions to extract additional income from ordinary citizens. But the blame should not be placed solely on the shoulders of public officials – exploiting institutional failures, citizens would also offer bribes to get preferential treatment or to speed up the process.Read more...
Working for a Norwegian NGO during the war in Bosnia, Lejla Radoncic wanted to find a way to help refugees flooding into Tuzla from nearby Srebrenica, where more than 7,000 Bosnians perished in some of the war’s worst violence. Realizing that international funding would not continue forever, she developed a program to help women support themselves.
Her project grew into Bosnian Handicrafts, a clothing and home furnishings line produced by Bosnian women and sold globally online and through retailers in Europe, Japan, the U.S., and elsewhere. Nieman Marcus, National Geographic, and Sundance are among the U.S. retailers who sell the handmade goods. The effort began with 50 women in one settlement and now provides work for up to 700 women at a time. Bosnian Handicrafts is the sole source of economic support for more than 80 percent of its workers, who receive ten weeks of training in sizing, specifications, and meeting the demands of foreign markets.Read more...
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