Community and Market in Contract Choice: The Jeepney in the Philippines

  title={Community and Market in Contract Choice: The Jeepney in the Philippines},
  author={Keijiro Otsuka and Masao Kikuchi and Yūjirō Hayami},
  journal={Economic Development and Cultural Change},
  pages={279 - 298}
Economic development is usually associated with a transformation from traditional economic institutions based on local community ties to modern institutions based on wide, impersonal markets. An often-cited example is the shift from crop-sharing to leasehold tenancy. In the past, it was commonly considered that sharecropping was inefficient in achieving optimal resource allocations because it reduced tenants' incentives to apply their own labor as well as other current inputs and that the… 
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