Skip Links to ContentCentre for Research on Innovation and Competition
 
Layout graphic
Printed from www.cric.ac.uk. Copyright CRIC.

ABSTRACT

Instituted Or Embedded? Legal, Fiscal and Economic Institutionalisation of Markets

CRIC Discussion Paper No. 82

Mark Harvey

This paper is a theoretical reflection on some major debates within economic sociology concerning the institution of markets. It takes as its starting point two parallel, long duration, studies of the co-evolution of economic organisation one in relation to legal and welfare institutions (Deakin and Wilkinson), the other in relation to fiscal constitutions (Daunton). Both make assumptions about the distinctiveness of fiscal and legal, welfare developmental processes, on the one hand, and interaction with economic development on the other. The paper demonstrates that there is a higher order interaction between the four poles of law, welfare, fiscality and economy. The second part of the paper draws on work within CRIC to argue that concepts of institutedness and embeddness (Granovetter, Swedberg, North, etc.) need to address both the distinctiveness and interaction between different institutional aspects in order to arrive more clearly at ideas of what is distinctively economic and instituted in economic institutions such as markets. It suggests a strong convergence between an ‘instituted economic process’ perspective and evolutionary theoretical frameworks.

[View Paper] [Back to CRIC Papers]

Top

CRIC is now proud to be part of the Manchester Institute of Innovation Research (MIoIR)
Centre for Research on Innovation and Competition (CRIC), The University of Manchester,
Harold Hankins Building, Booth Street West, Manchester M13 9QH, England
Phone +44 (0)161 275 7365 Fax: +44 (0) 161 275 7361
Site maintained by: Ishty Hussain

Page last updated: 9 November, 2007 | Copyright MIoIR. All rights reserved.
Layout graphic

WWW CRIC
Home
Welcome
Staff
Students
Vacancies
Output
Research
Publications
Annual Report
PhD Programme
Interaction
Events
Mailing List
Find
Visitors' Guide
Index
Layout graphicPhoto of inside of CRIC
NEWS....

CRIC has combined with PREST to form the Manchester Institute of Innovation Research (MIoIR).

New book: Trust in Food, A Comparative and Institutional Analysis by Unni Kjaernes, Mark Harvey & Alan Warde.

CRIC Final Report to ESRC:"Main Report" and "CRIC Performance Indicators 1997-2006".

CRIC Papers

'Instituted Or Embedded? Legal, Fiscal and Economic Institutionalisation of Markets' by Mark Harvey

'Beyond Efficiency and Market Shares: Competition within the Finnish Games Industry' by Mirva Peltoniemi

'Accounting for Economic Evolution: Fitness and the Population Method' by Stan Metcalfe

'Innovation and Final Consumption: Social Practices, Instituted Modes of Provision and Intermediation' by Andrew McMeekin & Dale Southerton

'Alfred Marshall’s Mecca: Reconciling the Theories of Value and Development' by Stan Metcalfe