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The Three Roles of Agricultural Markets
This paper is a review of the literature on agricultural commodity markets in India, in relation to the three vital roles these markets are thought to play. It outlines the strengths and limitations of each approach and shows how they contribute to our understanding of the workings of real markets. The paper also suggests a holistic view of markets, built on the basis of the insights of existing literature to enrich our knowledge of the complexity and diversity of real markets and assist realistic policymaking.
We would like to thank Mark Janes and the research staff of the Social Sciences Library, Oxford University, for their support; and Colin Leys and the EPW team for some demanding comments on the draft.
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