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This chapter reviews the contribution of John R. Commons and Oliver Williamson concerning the ideas of transaction, reasonable value, and negotiation on the one hand and various governance structures ranging from markets to hierarchies on the other hand. The focus is on notions that will prove useful in understanding development banks as particular governance structures in Williamson’s terms, which promote economic development by providing finance at reasonable values in the context of relational lending and negotiation in Commons’s terms.

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Transactions and Governance: An Institutional Explanation of Financial Regimes

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  • 发表日期：

    2025年

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  • Konstantinos Loizos

摘要

This chapter reviews the contribution of John R. Commons and Oliver Williamson concerning the ideas of transaction, reasonable value, and negotiation on the one hand and various governance structures ranging from markets to hierarchies on the other hand. The focus is on notions that will prove useful in understanding development banks as particular governance structures in Williamson’s terms, which promote economic development by providing finance at reasonable values in the context of relational lending and negotiation in Commons’s terms.