from Part 2 - Organization in and around Markets
Published online by Cambridge University Press: 11 July 2019
Markets and organizations are often contrasted with each other and are sometimes even treated as opposites. But they share at least one characteristic: They are both organized. Many markets have been created by organization, and virtually all markets are organized to a greater or lesser extent; for markets to function according to the normative ideals of economists, a high degree of organization is necessary. In this chapter, the organization of markets is contrasted to other ways by which markets are formed – mutual adaptation among sellers and buyers and institutions. Organization adds substantially to the uncertainty that has been seen as a typical trait of markets. The chapter describes how different combinations of organizational elements are used in different markets. In addition to sellers and buyers, there are two types of market organizers: ‘profiteers’, who organize in order to benefit their own business; and ‘others’, who claim that they organize for the benefit of other people or of everyone. Market organization is the basis for a form of democracy on the global level – a form other than that tied to a formal organization, such as a state.
To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.