3 min read.Updated: 19 Jan 2016, 10:12 PM ISTLivemint
The virtual world has increased the possibilities of trade in the real world
One of the primary agendas of the liberalization which began in 1991 was to improve competitiveness and reduce the transaction costs which largely restricted India’s trade with the rest of the world. But a quarter century after economic reforms were initiated, this Coasean problem of transaction costs remains more relevant than ever. The World Bank’s latest World Development Report, or WDR, points to the potential of Internet and communication technology (ICT) in pruning these.