The origin of markets is a central issue in economics and economic history, but until now there has been no definitive reference source on the subject. This authoritative research reviews fills the gap by selecting key papers analysing the evolution of markets over the past millennium. These papers, written by leading scholars in the field, relate market development to urban growth, the spread of the credit system, and the evolution of capitalism. They show that markets did not evolve in a purely spontaneous fashion, but as part of the planned development of market centres by local landowners and business people. This research review will serve as an excellent reference tool to students, academics and practitioners interested in the broad field of economics and economic history, and market evolution in particular.
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Markets, Networks and Hierarchies
Edited by Olivier Favereau and Emmanuel Lazega
This book contributes to the current rapprochement between economics and sociology. It examines the fact that individuals use rules and interdependencies to forward their own interests, while living in social environments where everyone does the same. The authors argue that to construct durable organizations and viable markets, they need to be able to handle both. However, thus far, economists and sociologists have not been able to reconcile the relationship between these two types of constraints on economic activity.