Markets: perspectives from economic and social theory

Defining markets has never been an easy task. Despite their importance for economic theory and practice, they are hard to pin down as a concept and economists have tended to adopt simplified axiomatic models or rely on piecemeal case studies.

This book argues that an extended range of theory, social as well as economic, can provide a better foundation for the portrayal of markets.

The book first looks at the definition of markets, their inadequate treatment in orthodox economic theory, and their historical background in the pre-capitalist and capitalist eras.

It then assesses various alternatives to orthodox theory, categorised as social/cultural, structural, functional and ethical approaches.

Among the alternatives considered are institutionalist accounts, Marxian views, network models, performativity arguments, field theories, Austrian views and ethical notions of fair trade.