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Open Access (free)
Stan Metcalfe and Alan Warde

1 Introduction Stan Metcalfe and Alan Warde There has been increasing interest and debate in recent years on the instituted nature of economic processes in general and the related ideas of the market and the competitive process in particular. This debate lies at the interface between two largely independent disciplines, economics and sociology, and reflects an attempt to bring the two fields of discourse more closely together. In many ways this is to return to a previous age when the study of institutional arrangements was at the centre of the study of

in Market relations and the competitive process
Problems of polysemy and idealism
Andrew Sayer

2 Markets, embeddedness and trust: problems of polysemy and idealism Andrew Sayer Introduction In this paper I develop a critique of certain approaches to markets and firm behaviour in economics and economic sociology. There are two main targets of the critique. The first concerns some common approaches to markets and the nature of firms in relation to them. Here I argue that the diverse uses of the term ‘market’ in contemporary lay and academic discourse cause confusion. Also problematic in both mainstream and institutional economics is the tendency to treat

in Market relations and the competitive process
Jonathan Michie

and Oughton, 1999). More recently, two further peculiarities of professional football leagues have become apparent. The first concerns the nature and role of match-going supporters in the production of live football matches and issues in corporate governance, while the second concerns the vertical production relationship between football clubs and, on the one hand, the league and, on the other, television broadcasters. In the UK, football, the largest professional league sport, has traditionally been regulated by the Football Association, the Football League and

in Market relations and the competitive process
Scale of demand and the role of competences
Suma S. Athreye

whose markets for software were linguistically fragmented. This slow growth of software demand delayed a full-fledged arm’slength market in package software from emerging in the UK despite considerable national strengths in computing and related sciences. When a market started to emerge for traded software in the 1980s, niche market strategies, driven by heterogeneous demand, had an important impact both on the evolution of firm competences and on the nature of competition and competitive advantage in the UK software sector. While outsourcing of software has been an

in Market relations and the competitive process
Editors: Stan Metcalfe and Alan Warde

There has been increasing interest and debate in recent years on the instituted nature of economic processes in general and the related ideas of the market and the competitive process in particular. This debate lies at the interface between two largely independent disciplines, economics and sociology, and reflects an attempt to bring the two fields of discourse more closely together. This book explores this interface in a number of ways, looking at the competitive process and market relations from a number of different perspectives. It considers the social role of economic institutions in society and examines the various meanings embedded in the word 'markets', as well as developing arguments on the nature of competition as an instituted economic process. The close of the twentieth century saw a virtual canonisation of markets as the best, indeed the only really effective, way to govern an economic system. The market organisation being canonised was simple and pure, along the lines of the standard textbook model in economics. The book discusses the concepts of polysemy , idealism, cognition, materiality and cultural economy. Michael Best provides an account of regional economic adaptation to changed market circumstances. This is the story of the dynamics of capitalism focused on the resurgence of the Route 128 region around Boston following its decline in the mid-1980s in the face of competition from Silicon Valley. The book also addresses the question of how this resurgence was achieved.

Constituting the cultural economy
Fran Tonkiss

and exchanges. The discussion that follows traces key aspects of this governance mix for the constitution of a cultural economy, as the contingent nature of cultural products, cultural markets and cultural work puts into question certain established frames for analysing economic organisation. Cultural industries make slippery analytic objects:1 sectoral boundaries can be hard to define; ‘firms’ can be only loosely integrated, hidden, short-lived or very mobile (and often are all of these); product design, labour processes and work practices can change very rapidly

in Market relations and the competitive process
Mark Harvey

provide a distinctive basis for collaboration and competition in the former by establishing industry-wide common standards. In Britain, in contrast, in the absence of specified quality and technical standards, quality and cost can more easily become opposing objectives of competition. Likewise, contractual law, a propensity to litigate, and the fostering of trust have been analysed as being central to different forms of inter-firm relations which fundamentally affect the nature and focus of competitive forces in Britain, Germany and Italy. Institutional and legal

in Market relations and the competitive process
Open Access (free)
Brian J. Loasby

discomfort. If we can find no way of accommodating it to our cognitive 62 Brian J. Loasby categories we are conscious of a failure to understand, which is at least disconcerting and may be dangerous; we therefore feel an urgent need to find a new way of making sense of our environment. ‘Wonder, therefore, and not any expectation of advantage from its discoveries, is the first principle which prompts mankind to the study of Philosophy, of that science which pretends to lay open the concealed connections that unite the various appearances of nature’ (Smith, 1980, p. 51

in Market relations and the competitive process
Don Slater

which things are stabilised as social materialities, or destabilised, reconfigured, problematised. If ‘dematerialisation’ has any meaning it is not as a condition of becoming ‘merely a sign’; rather it is a condition in which the social agencies and processes that previously held an object stable – held it together as both physical entity and as meaning, inseparably – no longer do so. And it is the reasons for the changes in these conditions – not supposed changes in the nature of social objects themselves – that needs to be understood. Hence, the third section of the

in Market relations and the competitive process
Oonagh McDonald

that interpretation will lead to the wrong conclusions about the remedies. Relevance of the Gramm-Leach-Bliley Act 1999 Resolving many years of controversy about the nature of financial competition and regulation, the 106th Congress passed the Gramm-Leach-Bliley Act (GLBA) by overwhelming majorities in November 1999, and President Clinton signed the legislation a few days later. The Act is very comprehensive, addressing affiliations of banking, insurance, securities firms and regulation of the resulting organizations

in Lehman Brothers