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Mark Harvey

concept of ‘instituted economic process’ with the other and more widely adopted Polanyan legacy of ‘embeddedness’, the chapter explores competition as an instituted economic process in five dimensions: the co-institution of competitive processes and markets; relations of power and mutual dependence between classes of economic agent; the formation of units of competition; the formation of scales of competition; and the development of formal and informal norms of competition. The chapter then provides an exemplification of this analytical framework through a schematic

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

and the efficient allocation of resources, but it remains the case that exchange itself produces nothing. There is a curious fetishisation of the power of markets here, which attributes to a mode of co-ordination a power which is actually dependent on another sphere of the economy. It is the liberal celebrants of ‘the market’ who are fooled by their own shorthand.) Further grounds for concern over the difference between inclusive and restricted analyses of markets relate to the ideological uses which can be made by slides between the two or attempts to pass off one

in Market relations and the competitive process
Jonathan Michie

have been transformed into plcs raises particular issues in the case of professional league sports. In particular, it is evident that institutional investors in football clubs may have very different objectives from those of supporter shareholders. Unlike the latter, institutional investors do not contribute directly to the joint production of the product. At the same time institutional shareholders are not subject to the kind of brand loyalty that makes them peculiarly vulnerable to exploitation of local monopoly power. This implies that there is an incentive for

in Market relations and the competitive process
Richard R. Nelson

-profit units, as well as for-profit hospitals. Part of hospital revenues comes from private patients and private insurance. Part comes from public programmes that support the care of persons in certain categories. Hospitals are subject to a number of different forms of regulation. Physicians, as a profession, play a major role in determining what is done. In recent years, managed-care organisations and insurance companies also have played major roles in the hospital governance structure. There is often bitter debate about the relative power that these different parties and

in Market relations and the competitive process
Open Access (free)
Stan Metcalfe and Alan Warde

prevailing ethical codes, social mores and political regulation, for ‘markets’ constrain as well as enable. The social and political dimensions of market processes – inequality, fairness, power, uncertainty, status – all influence the range and nature of what takes place in the market context. More deeply still, the acceptance of market processes and the rhetoric with which they are described and assessed tell us a great deal about different kinds of market society. The rhetoric, discourses and doctrine of the market In the middle of the twentieth century, a substantial

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

). From an evolutionary perspective, we can easily see that the emotive power of ‘wonder’, in Smith’s sense, might sometimes be much more effective than ‘an expectation of advantage’ in promoting fitness-enhancing cognitive activity and thus improving adaptation to novel circumstances. If we are successful, either through our own efforts or by adapting means which are already being used by someone else, in creating a new cognitive structure that seems to make sense, then our feeling of relief produces admiration in proportion to the discomfort, providing reinforcement

in Market relations and the competitive process
The resurgence of Route 128 in Massachusetts
Michael H. Best

software and service companies providing ways for corporations to monitor and manage data, back up and protect it, find and fix disk-storage bottlenecks, and warn desktop computer users to clean out their hard drives before they run out of space’ (Rosenberg, 1999). For example, a co-founder of EMC and a ten-year employee have formed StorageNetworks, a company that offers businesses data-storage 164 Michael H. Best services on the networking model of telephone switches or electrical power generators. Other nearby companies that are driving and redefining the

in Market relations and the competitive process
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

in thirty years – the Kim Young Sam administration, which came to power on February 23, 1993. As Samuel Kim (2000, 2) notes, “indeed, no state in the post-Cold War cast its lot with globalization as decisively or as publicly as Korea did under the Kim Young Sam administration, which viewed it as the most expedient way for Korea to become a world-class, advanced country. Segyehwa has been touted as no longer a matter of choice but one of necessity – globalize or perish.”13 Thus, during the Kim Young Sam administration (February 1993– February 1998), controls on

in The Asian financial crisis
Open Access (free)
Stan Metcalfe and Alan Warde

limits the force of ethical considerations; it uproots community life; it undermines ecological reparations. The extent to which any of the effects listed is singularly the effect of the market is arguable. However, it is noticeable just how comparatively rarely these considerations are currently aired and debated. Some immediate reasons for this might include the prevalence of identity politics, a decline of scholarly interest in power and the powerful, and continued widespread acceptance of economic growth as the primary goal of political management. It is also

in Market relations and the competitive process
Why China survived the financial crisis
Shalendra D. Sharma

1980s (J. Y. Lin, Cai and Li 1996, 1–17). The additional 20 per cent added to China’s GDP on July 1, 1997 when Hong Kong became a Special Administrative Region of the People’s Republic was a bonus. China’s rapid transformation into a veritable “dragon economy” is reflected in the fact that, based on purchasing-power calculations, it is currently the second largest economy after the United States, a far cry from the bottom rungs of the economic development ladder it occupied less than two decades ago.5 Market-oriented policies epitomizing Deng Xiaoping’s gradualist

in The Asian financial crisis