Market is a complicated conception, in this paper market is as a process. This paper tells that private property and the establishment of its correlative institutions is synchronization of the process of market establishment, that is, marginally there is no market without private property. This paper is based two presuppositions, one is that the market's incompleteness is recognized by the entrepreneur's talent, the other is that from the market's incompleteness to completeness is just the process of market establishment. The paper tells that the market establishment is a property game and the process that the property is finally confirmed.This paper help finishing the upper expatiation with a case study, and information disclosing is the most important factor to analyze the process of the market establishment in undeveloped countries, especially in interest rate market and the process that finance organization or institution change with the market establishment. Mikinnon and Stigliz's analysis helped to establish a model of interest rate market-equilibrium in undeveloped country. |