Chapter

Retailers as Market Makers

Misha Petrovic and Gary G. Hamilton

in The Market Makers

Published in print February 2011 | ISBN: 9780199590179
Published online May 2011 | e-ISBN: 9780191724893 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199590179.003.0002
Retailers as Market Makers

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In this chapter, Misha Petrovic and Gary Hamilton outline the market-making perspective and contrasts this perspective with two alternatives perspectives (namely, theories of comparative and competitive advantage) that are frequently used to conceptualize international trade and the global economy. The alternatives are generally ahistorical and non-organizational, and both rely on unrealistic assumptions about how actual markets work. The two authors then describe the historical background for the retail revolution, and show that market making by retailers involves multiple institutional innovations that have contributed to the evolution of both horizontal and vertical competition between retailers and their suppliers in the course of making national and global markets. The market-making perspective is shown to be historical, developmental, and organizational.

Keywords: market making; mass selling; retailers as market makers; consumer markets; supplier markets; market institutions; co-evolution of market roles

Chapter.  8234 words. 

Subjects: International Business

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