History, markets, hierarchies and institutions. (20th February 2009)

• Record Type: Journal Article
• Authors: Haynes, Michael
• Is Part Of: International journal of management concepts and philosophy. Volume 3:Number 3(2009)
• Page Start: 205
• Page End: 224
• Publication Date: 2009-02-20
• Subjects: history -- markets -- new institutional economics -- hierarchies -- economic institutions -- social embedding -- social cohesion; Management -- Periodicals; Management -- Philosophy -- Periodicals; Management science -- Periodicals; 302.3505
• Languages: English
• ISSNs: 1478-1484

Abstract

New institutional economies and the work of Coase, Williamson, North and others today occupies a central place in thinking about the nature of economic hierarchies institutions. This paper argues that it cannot offer a guide to history of the real development of markets, hierarchies and institutions. Those writers like MacIntyre and Sennett who focus on focus on social embedding and the potential conflict between pure markets and social cohesion offer a better basis for understanding of the real history of capitalism. But this approach too needs extending if it is to be a guide to the real history of markets, hierarchies and institutions.