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Taliban's return to power in August of 2021 caused everyone to ask
why the two decades of institution building in Afghanistan failed.
This book investigates the root causes of failed reforms in an
important area of reform: trade and credit institutions. It
explains why the efforts to reform and regulate the economic
institutions in Afghanistan failed and what we can learn from their
failure. It draws on more than eighty interviews with Afghan
merchants, business leaders, money dealers, and government
officials in five major provinces of Afghanistan to identify the
barriers to access to credit and to understand the performance of
formal institutions (banks) and their informal counterparts. This
book finds that Afghan merchants were often unable to benefit from
the offerings of formal institutions for three reasons: a highly
volatile business climate, uncertain contract enforcement, and an
unsupportive property rights system. Several informal institutions
have emerged that alleviate some of the credit constraints on
Afghan merchants. These informal institutions include risk-sharing
trade credit operations, money dealers' short-term working capital
loans, Gerawee, and Sar qufli. Although these informal institutions
have helped Afghan merchants survive, they are unable to support
economic growth. This book argues that countries like Afghanistan
should solve their institutional dilemma by adopting an approach
which the author calls "Grounded Institutional Reform." Using this
approach, a country would formalize existing informal institutions,
a development that would vastly increase their effectiveness. While
this book focuses on credit and trade in Afghanistan, the analysis
of "formalizing the informal" can easily be extended to solve other
types of economic problems in similarly situated countries. This
book should be of great interest to scholars, policymakers, and
development workers in the field of law, finance, and development.
This book provides a comprehensive and up-to-date review of recent
trends of green science and technology. Worldwide deterioration of
environment and global warming threaten our lifestyle and the
survival of all creatures. In order to weather these problems, we
need to construct a multidisciplinary approach involving the fusion
of various advanced researches. The book begins with an overview on
fundamental research about generation and utilization of renewable
energy, protection of the earth's ecosystem for better coexistence
with nature, development of artificial intelligence-based
agriculture and molecular recognitionbased welfare and covers a
wide range of innovative research on green science and technology.
This book provides a comprehensive and up-to-date review of recent
trends of green science and technology. Worldwide deterioration of
environment and global warming threaten our lifestyle and the
survival of all creatures. In order to weather these problems, we
need to construct a multidisciplinary approach involving the fusion
of various advanced researches. The book begins with an overview on
fundamental research about generation and utilization of renewable
energy, protection of the earth's ecosystem for better coexistence
with nature, development of artificial intelligence-based
agriculture and molecular recognitionbased welfare and covers a
wide range of innovative research on green science and technology.
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