Journal Article

On the social structure of markets

William A. Jackson

in Cambridge Journal of Economics

Published on behalf of Cambridge Political Economy Society

Volume 31, issue 2, pages 235-253
Published in print March 2007 | ISSN: 0309-166X
Published online November 2006 | e-ISSN: 1464-3545 | DOI: http://dx.doi.org/10.1093/cje/bel031
On the social structure of markets

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Economic theorists have seldom discussed the social structures behind markets, even though market trading relies heavily on seller/buyer roles and personal relations among traders. This paper considers the structural basis of markets and proposes a layered approach which accommodates a wide range of competitive and relational trade within a definition of markets that distinguishes them from non-market exchange. Giving due regard to social structures lays bare the institutional character of markets and provides a rationale for case studies of how particular markets function.

Keywords: Markets; Social structure; Agency; Competition; Rivalry; B4; D4; L1

Journal Article.  9434 words.  Illustrated.

Subjects: Economic Methodology ; Market Structure, Firm Strategy, and Market Performance ; Market Structure and Pricing

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