Institutional Economics Perspectives on African Agricultural Development

Book excerpt: "Millions of Africans spend their entire lives poor, hungry, and malnourished, and most depend on agriculture for their livelihoods, either directly or indirectly. Despite its potential to drive economic growth and poverty reduction, however, African agricultural development has remained disappointing-whether because of underinvestment or poor returns to investments. This book, Institutional Economics Perspectives on African Agricultural Development, is inspired by the conviction that effective African agricultural development requires building better institutions. It provides an accessible synthesis of new institutional economics theory and research into understanding and improving African agriculture, particularly smallholder agriculture. Interspersing theory with case studies from a wide range of countries, the book addresses such policy issues as how markets for different commodities and services function in different political, cultural, and economic contexts. It not only makes an important contribution to the existing literature, but also provides development practitioners, policymakers, and graduate students working-or intending to work-in these fields with essential knowledge and tools for addressing these challenges. OVERVIEW: Theoretical and Conceptual Framework; Exchange in Goods and Services; Natural Resources Management; and An Institutional Perspective on the State: Its Role and Challenges."