Market and Non-Market Hierarchies

Identity and Representation in Elizabethan England

By: Christos N. Pitelis

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Paperback | 20 August 1993

At a Glance

Paperback
254 Pages

Dimensions(cm)
21 x 155 x 228

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$146.75

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This volume examines the questions of the existence, evolution and failure of the three major institutions of capitalism: the market, the firm (including the transnational corporation) and the state. Following critical appraisals of existing theoretical perspectives on these questions, namely neo-classical, Austrian, post-Keynesian and Marxist, the author adopts an evolutionary-historical approach aimed at deriving a synthesis where possible and breaking new ground when not. The book focuses on, and assesses mainstream micro- and macroeconomic theories of "failure" and Marxian theories of capitalist crisis. Christos Pitelis' analysis of markets, firms and states points to the possibility of a mainstream theory of capitalist institutional failure based on transaction cost economizing. This can be incorporated within a more general approach to institutional crisis which considers the relevant macroeconomic aspects, most notably realization failures.

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