Informal Land Markets--Perspectives for Policy

Abstract

To propose a policy perspective, on any issue, one must begin with a historical awareness of how such issues have been addressed in the past. This is particularly important in prescribing policies for urban informal real estate markets because the characteristics of such markets are still not fully understood, even after fifty years of policy interventions to enhance their effectiveness. Lacking a clear definition of how informal markets operate and connect to the larger urban economy, past efforts to influence the functioning of such markets have been based primarily on “Learning by Doing,” the title of the World Bank’s first serious study on the topic (Cohen et al, 1983). Indeed, much has been learned since that World Bank’s publication, thanks to the research undertaken by many scholars, including the authors of the chapters in this volume1. It is beyond the scope of my concluding remarks to summarize all such insights. Hence, what follows are a few key lessons learned by academics and practitioners—lessons that illuminate the critical issues raisedby the authors of this volume.