Proceedings of the 6th International Conference on Community Development (ICCD 2019)

Revitalization on the Suprastructure of Traditional Market Institutions

Authors
Sonny Leksono, Rizalnurfirdaus, Endang Sungkawati
Corresponding Author
Sonny Leksono
Available Online October 2019.
DOI
https://doi.org/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.
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Volume Title
Proceedings of the 6th International Conference on Community Development (ICCD 2019)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
October 2019
ISBN
978-94-6252-803-1
ISSN
2352-5398
DOI
https://doi.org/10.2991/iccd-19.2019.24How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

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  - https://doi.org/10.2991/iccd-19.2019.24
ID  - Leksono2019/10
ER  -