Exchange and Development
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Exchange and Development

An Anatomy of Economic Transactions

Peter A. Cornelisse and Erik Thorbecke

This innovative and important book develops a new framework for analysing exchange that takes place within and outside markets over the course of development.
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Chapter 8: Some Concluding Messages

Peter A. Cornelisse and Erik Thorbecke


OVERVIEW A summary of the content of this volume has already been presented in Chapter 1, to which the reader is referred. Instead, the present chapter contains a series of selective ‘messages’ (that is lessons derived in the previous chapters) to illustrate and highlight the relevance of the exchangeconfiguration approach to the investigation of a number of issues related to the interdependence between exchange and development. The messages are discussed in the context of the following six issues: (1) The interrelationship between the process of exchange and economic development; (2) Why is the exchange process so different in poor countries to that in rich countries? Some characteristics of the exchange process in countries at an early stage of development; (3) Development and the roles of actors and governments; (4) The vital role of learning in the dynamics of exchange; (5) The contemporary global financial crisis explored within the exchangeconfiguration approach; and (6) How does the exchange-configuration approach differ from and contribute to the neo-classical framework? 8.2 8.2.1 A SELECTION OF MESSAGES Interrelationship Between the Process of Exchange and Economic Development In present-day economies at an early stage of development, characterized by an essentially agrarian economy dominated by subsistence farmers, many transactions occur within the family, community or village. As was described in some detail in Chapter 6 these transactions tend to be implicit within the farm household with different members contributing to producing a meagre food output. The exchange process among family members tends to be virtual, largely based on...

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