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Do institutional transplants succeed? Regulating raiffeisen cooperatives in South India, 1930-1960

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  • Nath, Maanik

Abstract

The government in British-ruled India established cooperative banks to compete with private moneylenders in the rural credit market. State officials expected greater competition to increase the supply of low-cost credit, thereby expanding investment potential for the rural poor. Cooperatives did increase credit supply but captured a small share of the credit market and reported net losses throughout the late colonial and early postcolonial period. The article asks why this experiment did not succeed and offers two explanations. First, low savings restricted the role of social capital and mutual supervision as methods of financial regulation in the cooperative sector. Second, a political-economic ideology that privileged equity over efficiency made for weak administrative regulation.

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  • Nath, Maanik, 2021. "Do institutional transplants succeed? Regulating raiffeisen cooperatives in South India, 1930-1960," LSE Research Online Documents on Economics 109856, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:109856
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    File URL: http://eprints.lse.ac.uk/109856/
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    Cited by:

    1. Abraham, Mathew & Verteramo Chiu, Leslie & Joshi, Ekta & Ali Ilahi, Muhammad & Pingali, Prabhu, 2022. "Aggregation models and small farm commercialization – A scoping review of the global literature," Food Policy, Elsevier, vol. 110(C).

    More about this item

    Keywords

    agriculture; colonialism; India; institutional change; rural banking; CUP deal;
    All these keywords.

    JEL classification:

    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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