By Alya Guseva
Within the usa, we now take our skill to pay with plastic without any consideration. In different components of the realm, besides the fact that, the institution of a "credit-card financial system" has now not been effortless. In international locations with out a historical past of monetary balance, how can banks make a decision who may be given a bank card? How do markets persuade humans to exploit playing cards, make their transactions noticeable to experts, suppose the aptitude probability of fraud, and pay to take advantage of their very own funds? Why may still retailers conform to pay additional if consumers use playing cards rather than cash?
In Plastic cash, Akos Rona-Tas and Alya Guseva inform the tale of the way banks overcame those and different quandaries as they developed markets for charge cards in 8 postcommunist international locations. we all know how markets paintings when they are outfitted, yet this ebook develops a special framework for knowing how markets are engineered from the floor up—by determining key avid gamers, making sure cooperation, and offering stipulations for the valuation of a product. Drawing on broad interviews and fieldwork, the authors chronicle how banks overcame those hurdles and generated a wish for his or her new product in the course of a transition from communism to capitalism
Read or Download Plastic Money: Constructing Markets for Credit Cards in Eight Postcommunist Countries PDF
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Extra resources for Plastic Money: Constructing Markets for Credit Cards in Eight Postcommunist Countries
Example text
3 billion inhabitants. Vietnam, with its culturally disparate Southern and Northern parts reunited in 1976 after the Vietnam War ended, is the thirteenth most populous country in the world, with 87 million people, a number that, unlike in the other seven countries, is rapidly growing. In 1990, both China and Vietnam were much poorer than the other six countries. Despite ongoing market reforms, political power in these two countries remains in the hands of the communist party, which is why there is some debate over whether they can be labeled postcommunist.
Paying with cards 7 as economic theories portray them. When conditions shift or entirely new markets emerge, the researcher needs to look for generative rules. Besides, entrepreneurs who engage in innovation must also consider generative rules because entrepreneurship often revamps old markets or gives birth to new ones, setting up new conditions and requiring new assumptions. Our distinction between market creation and operation, between generative and functional rules, is not new at all. This contrast is recognized by both economists and sociologists.
4 Volume of Card Purchases in Total Consumer Payments, 1998–2009. Source: Euromonitor. 5 percent in 2009. Hungary and Bulgaria have managed to avoid rapid ebbs and flows, demonstrating steady growth in the relative share of direct purchases among the overall value of card trans actions, and by 2009 surpassing 20 percent and 10 percent respectively. Card markets are built to provide a payment and credit instrument. In the eight countries we focus on in this book, the number of cards has grown rapidly since 2000, but for the vast majority of users, the little piece of plastic with the magnetic stripe served neither as a payment nor as a credit tool.