Market analysis beyond market fetishism

doi:10.1177/0308518X18820917

Journal Article•DOI•

Market analysis beyond market fetishism

Damien Cahill¹•Institutions (1)

01 Feb 2020-Environment and Planning A (SAGE PublicationsSage UK: London, England)-Vol. 52, Iss: 1, pp 27-45

TL;DR: In this paper, the authors respond to Peck's call for a heterodox economic analysis of markets that is sensitive to their sociality and spatiality with Polanyi's work as a starting point.

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Abstract: This article responds to Peck’s call for a heterodox economic analysis of markets that is sensitive to their sociality and spatiality with Polanyi’s work as a starting point. It is argued that whil...

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Journal Article•DOI•

Economic Action and Social Structure: The Problem of Embeddedness

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Mark Granovetter¹•Institutions (1)

Stony Brook University¹

01 Nov 1985-American Journal of Sociology

TL;DR: In this article, the extent to which economic action is embedded in structures of social relations, in modern industrial society, is examined, and it is argued that reformist economists who attempt to bring social structure back in do so in the "oversocialized" way criticized by Dennis Wrong.

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Abstract: How behavior and institutions are affected by social relations is one of the classic questions of social theory. This paper concerns the extent to which economic action is embedded in structures of social relations, in modern industrial society. Although the usual neoclasical accounts provide an "undersocialized" or atomized-actor explanation of such action, reformist economists who attempt to bring social structure back in do so in the "oversocialized" way criticized by Dennis Wrong. Under-and oversocialized accounts are paradoxically similar in their neglect of ongoing structures of social relations, and a sophisticated account of economic action must consider its embeddedness in such structures. The argument in illustrated by a critique of Oliver Williamson's "markets and hierarchies" research program.

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25,601 citations

"Market analysis beyond market fetis..." refers background in this paper

...Such an ‘under-socialized’ (Granovetter, 1985) account has been rightly criticized for its inability to account for real-world markets as anything other than imperfections, aberrations or the result of exogenous interferences (Chang, 2002; Daly and Cobb, 1989; Harcourt, 2011)....
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...But it is a thoroughly ‘under-socialised’ (Granovetter, 1985) understanding of markets that underpins orthodox discourse....
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Journal Article•DOI•

The Nature of the Firm

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Ronald H. Coase

01 Nov 1937-Economica

TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.

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Abstract: Economic theory has suffered in the past from a failure to state clearly its assumptions. Economists in building up a theory have often omitted to examine the foundations on which it was erected. This examination is, however, essential not only to prevent the misunderstanding and needless controversy which arise from a lack of knowledge of the assumptions on which a theory is based, but also because of the extreme importance for economics of good judgement in choosing between rival sets of assumptions. For instance, it is suggested that the use of the word “firm” in economics may be different from the use of the term by the “plain man.”1 Since there is apparently a trend in economic theory towards starting analysis with the individual firm and not with the industry,2 it is all the more necessary not only that a clear definition of the word “firm” should be given but that its difference from a firm in the “real world,” if it exists, should be made clear. Mrs. Robinson has said that “the two questions to be asked of a set of assumptions in economics are: Are they tractable? and: Do they correspond with the real world?”3 Though, as Mrs. Robinson points out, “more often one set will be manageable and the other realistic,” yet there may well be branches of theory where assumptions may be both manageable and realistic. It is hoped to show in the following paper that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution, together giving the idea of substitution at the margin.

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21,195 citations

Book•

The Great Transformation: The Political and Economic Origins of Our Time

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Karl Polanyi, Joseph E. Stiglitz, Fred L. Block

28 Mar 2001

TL;DR: In this paper, the key to the institutional system of the 19 century lay in the laws governing market economy, which was the fount and matrix of the system was the self-regulating market, and it was this innovation which gave rise to a specific civilization.

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Abstract: But the fount and matrix of the system was the self-regulating market. It was this innovation which gave rise to a specific civilization. The gold standard was merely an attempt to extend the domestic market system to the international field; the balance of power system was a superstructure erected upon and, partly, worked through the gold standard; the liberal state was itself a creation of the self-regulating market. The key to the institutional system of the 19 century lay in the laws governing market economy. (p. 3).

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8,514 citations

"Market analysis beyond market fetis..." refers background in this paper

...He saw its market abstractions as ‘utopian’ fantasy, and was one of the keenest observers of the social dislocation resulting from the development of capitalism, culminating in the rise of fascism and the Second World War (Polanyi, 2001)....
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...…(2001: 60) writes of ‘the control of the economic system by the market’, that states acted to ‘check the action of the market relative to labor, land and money . . . a deep-seated movement sprang into being to resist the pernicious effects of a market-controlled economy’ (Polanyi, 2001: 79–80)....
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...In The Great Transformation, it is the ‘self-regulating market’ that drives history, that causes social and economic devastation, and that ‘demands nothing less than the institutional separation of society into an economic and political sphere’ (Polanyi, 2001: 74)....
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...Other ‘genuine’ commodities, however, seem to be treated merely as ‘objects produced for sale on the market’ (Polanyi, 2001: 75), shorn of social underpinnings....
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...It was this innovation that gave rise to a specific civilization . . . the liberal state itself was a creation of the self-regulating market’ (Polanyi, 2001: 3)....
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Book•

Capital; A Critique of Political Economy

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Karl Marx

01 Jan 1867

TL;DR: In the third volume of "Das Kapital" as discussed by the authors, Marx argues that any market economy is inevitably doomed to endure a series of worsening, explosive crises leading finally to complete collapse.

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Abstract: Unfinished at the time of Marx's death in 1883 and first published with a preface by Frederick Engels in 1894, the third volume of "Das Kapital" strove to combine the theories and concepts of the two previous volumes in order to prove conclusively that capitalism is inherently unworkable as a permanent system for society. Here, Marx asserts controversially that - regardless of the efforts of individual capitalists, public authorities or even generous philanthropists - any market economy is inevitably doomed to endure a series of worsening, explosive crises leading finally to complete collapse. But he also offers an inspirational and compelling prediction: that the end of capitalism will culminate, ultimately, in the birth of a far greater form of society.

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6,401 citations

"Market analysis beyond market fetis..." refers background in this paper

...Because wage labourers are defined by their alienation from the means of direct production, they are reliant for their subsistence on the purchase of commodities, through markets, from those to whom they sell their labour power in production (see, for example, Marx, 1992: 119)....
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Journal Article•DOI•

The capabilities of market-driven organizations

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George S. Day¹•Institutions (1)

University of Pennsylvania¹

01 Oct 1994-Journal of Marketing

Abstract: Considerable progress has been made in identifying market-driven businesses, understanding what they do, and measuring the bottom-line consequences of their orientation to their markets. The next c...

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6,313 citations

"Market analysis beyond market fetis..." refers background in this paper

...Within the academy, this broad market fetishist discursive repertoire is mirrored, for example, in the discipline of marketing (e.g. Day, 1994; Vorhies et al., 1999)....
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Market analysis beyond market fetishism

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"Market analysis beyond market fetis..." refers background in this paper

"Market analysis beyond market fetis..." refers background in this paper

"Market analysis beyond market fetis..." refers background in this paper

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