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- W2034790722 abstract "In an article published in this Journal in 2005, Dorward et al. argued that non-market institutions are particularly effective in addressing market failures in a high-transaction cost institutional environment which is often characteristic of low-income countries. This comment develops additional theoretical underpinnings of this argument by exploring the differences in the market failure-addressing capacity of for-profit firms and third sector organizations representing a major type of non-market institutions. It is argued that while for-profit firms address market failures by facilitating market exchange, third sector organizations do so by replacing exchange with self-sufficiency. This recourse to self-sufficiency is reflected in the important role of third sector organizations in economic development of low-income countries." @default.
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- W2034790722 date "2009-08-18" @default.
- W2034790722 modified "2023-09-26" @default.
- W2034790722 title "Non-Market Institutions in Economic Development: The Role of the Third Sector" @default.
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