ABSTRACT

Markets, the Organisation of Exchanges and 'Instituted Economic Process' - An Analytical Perspective

CRIC Discussion Paper No. 51

Dr Mark Harvey & Dr Sally Randles

This paper develops a neo-Polanyan analysis of the organisation of exchange processes. By limiting analysis to specifically economic instituted characteristics, the intention is to both broaden the economic sociology of markets, and to situated instituted organisation of exchange processes in a much broader field that market exchanges. The paper develops an analysis procedure for analysing the variety and dynamics of exchange processes by identifying some key underlying parameters. The separation and formation of classes of economic agent between which exchange occurs; the interdependent nexus of economic agents and exchange processes, market and non-market; and interaction across the exchange process between sellers and buyers upon which exchange processes depend; are analysed as a way of understanding systematic differences and variations both between and within labour, product, and capital markets. Asymmetric power and mutual dependency is seen be intrinsic to any exchange process, hence pointing to a continued source of change and variation. Market transformation and emergence is seen to be the norm, rather than market equilibrium or stability.

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