Revitalization on the Suprastructure of Traditional Market Institutions
- DOI
- 10.2991/iccd-19.2019.24How to use a DOI?
- Keywords
- Suprastructure, formal institution, traditional market
- Abstract
Building the economic institutional model of traditional market is never free from conflicts such as high asymmetric information, high transaction cost, hidden actions (moral hazard and adverse selection), negative externalities, and diminishing trust. They certainly have automatically and instinctively been responded by concerning parties according to their respective characteristics of understanding rationality. As an old economic institution that has been serving for the people for centuries, traditional market has drawn the attention of researchers, making them eager to identify the performance of its actors in regards to the decline of its institutional tradition [1], Analogous to the findings of Thongpanya [2]. According to Fukuyama, social capital does not need any government participation because the characteristics of its approach is formal. Nevertheless, its absence in maintaining social capital has caused the failure of traditional market. Besides formal institution, the government must also strengthen informal institution in running its public policy to protect traditional market from the penetrating modern market [3] that represents the interest of capitalistic economy with higher economic power.
- Copyright
- © 2019, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Sonny Leksono AU - Rizalnurfirdaus AU - Endang Sungkawati PY - 2019/10 DA - 2019/10 TI - Revitalization on the Suprastructure of Traditional Market Institutions BT - Proceedings of the 6th International Conference on Community Development (ICCD 2019) PB - Atlantis Press SP - 87 EP - 90 SN - 2352-5398 UR - https://doi.org/10.2991/iccd-19.2019.24 DO - 10.2991/iccd-19.2019.24 ID - Leksono2019/10 ER -