(Tuesday, 19th May 2020)
Title : Informal markets and their institutions in developing economies
Provisional outline: Modern trade requires institutions which are able to enforce contracts. In the informal economy, one could suspect that limited access to tribunals and courts limits the development of a modern market economy. However, counterexamples abound in developing economies of intricate contracts which emerge and are enforced in shadow economies by unofficial institutions. Using the example of Aymara merchants in Bolivia, I illustrate the emergence of complex trade in such informal settings.