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.

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causation to account for the continuing weak presence of the UK in the software product segments of the global market. In the final chapter, 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 chapter addresses the question of how this resurgence was achieved. The core of the explanation is that a new model of business had to

in Market relations and the competitive process
The resurgence of Route 128 in Massachusetts

the emergence of regionally networked groups of firms can be traced to the technology and market dynamic of an entrepreneurial firm. Other examples in the Route 128 region include semiconductor equipment manufacturers (Eaton Semiconductor, Varion Ion Implant, Teradyne, Micrion); electronic test equipment suppliers; digital signal processing semiconductors (Analog Devices, Mercury Computer Systems, Alpha, BKC Semiconductor, C. P. Clare); electro-medical products (over twenty companies led by HP, now Agilent); biotechnology; genome industry (nearly 200 Massachusetts

in Market relations and the competitive process