Second, the development of markets and private sector cannot occur unless an adequate infrastructure is in place. Third, markets cannot work unless a favorable institutional environment is created. Fourth, the success of reforms is heavily influenced by the sequencing of various policy measures. Fifth, the participation of the private sector is dependent on the credibility of government policies in support of market reforms. Finally, the scanty evidence on the impact of market reforms on small farmers suggests that these groups are often penalized.
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