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Cambridge Journal of Economics Advance Access published online on November 8, 2006
Cambridge Journal of Economics, 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.
Received September 27, 2004
Revised July 12, 2006

Article

On the social structure of markets

William A. Jackson 1 *

1 University of York, UK

* To whom correspondence should be addressed.
William A. Jackson, E-mail: waj1{at}york.ac.uk


  Abstract

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.

Keywords: Markets; Social structure; Agency; Competition; Rivalry.
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