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Cambridge Journal of Economics Advance Access originally published online on November 8, 2006
Cambridge Journal of Economics 2007 31(2):235-253; doi:10.1093/cje/bel031
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

On the social structure of markets

William A. Jackson*

* University of York, UK

Address for correspondence: Department of Economics and Related Studies, University of York, York YO10 5DD, UK; email: waj1{at}york.ac.uk

Economic theorists have seldom discussed the social structures behind markets, even though market trading relies heavily on seller/buyer roles and personal relations among traders. This paper considers the structural basis of markets and proposes a layered approach which accommodates a wide range of competitive and relational trade within a definition of markets that distinguishes them from non-market exchange. Giving due regard to social structures lays bare the institutional character of markets and provides a rationale for case studies of how particular markets function.

Key Words: Markets • Social structure • Agency • Competition • Rivalry

JEL classifications: B4, D4, L1

Manuscript received September 27, 2004; final version received July 12, 2006.


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