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Extra info for Buying an Old House (Storey's Country Wisdom Bulletin A-88)
By contrast, a government’s Ministry of Justice, Judiciary and Courts charged with applying laws are organizations. Formal markets are guided by institutional structures that establish and ensure a kind of partnership between citizens and the state through which resources are allocated efﬁciently and transactions are secured, thus reducing uncertainty. All citizens in such markets ought to enjoy the right to share in the resulting beneﬁts from institutions, including social cohesion and proﬁts.
It examines the historical patterns of property ownership and any interruptions in that pattern. ). In doing so, it uncovers why informality is so pervasive and makes it possible to tailor a solution that is appropriate for the speciﬁc environment. Policy and Politics of Land and Property 43 Why does informality matter? 36 In Chapter 3, we explore how this situation has come to pass, explain the elements that constitute formal property rights, and illustrate why all of society beneﬁts when those rights are secure.
Other rules, especially formal rules, may be imported, imposed or adapted in ways that aren’t appropriate for the local reality. Asking the right questions is as important as getting the right answers. Too often, reformers conclude that when organizations aren’t working correctly, this is due to a failure to keep up 40 Prosperity Unbound IDENTIFY Identify and isolate the problem What are the relevant institutions and organizations? CHECK IN TODAY t & TH HISTORICAL BREAK t–n+2 INITIAL TIME t–n HISTORICAL BREAK t–n+3 HISTORICAL BREAK t–n+1 ONS CLEAR ATI CHECK AND K EE P S IZ AN RG E T IS EEN INST BETW I TU TIO ION T C N O D Check institutions throughout history Have institutions met societal and market demands over time?