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The Political Economy of the Market
Abstract
In the modern period, there are two concerns regarding the nature of the market. One is associated with market structures that involve solely the economic sphere and exclude all other factors including historical, social, and institutional ones. Hence, it conducts a static analysis, while the other relates the market process with all the aforementioned factors in addition to the economic ones, and therefore, combines economic and non-economic spheres, and the analysis becomes dynamic. This chapter scrutinizes the conceptualization of the market; that is whether the market is considered as a “structure” or a “process”. With this consideration, authors relate the conceptualization of the market with the type of competition. When the market is regarded as a “process”, it is possible to claim that market becomes an “institution”. Thus, by taking the market as an institution and considering competition within a dynamic framework, the emergent economic theoretical structure provides an in-depth, comprehensive, analytical, and novel approach to real economic and social concerns.
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