The Manufacturing of Markets
Legal, Political and Economic Dynamics
Published on 22. May 2014
Book
Hardback
548 pages
978-1-107-05371-7 (ISBN)
Description
Different types of markets exist throughout the world but how are they created? In this book, an interdisciplinary team of authors provide an evolutionary vision of how markets are designed and shaped. Drawing on a series of case studies, they show that markets are far from perfect and natural mechanisms, and propose a new view of markets as social construct, explaining how combinations of economic, political and legal constraints influence the formation and performance of markets. Historical trajectories and interdependencies among institutional dimensions make it difficult to build costless, non-biased co-ordination mechanisms, and there are limitations to public and private attempts to improve the design of markets. The authors show that incomplete and imperfect modes of governance must be improved upon and combined in order for markets to work more efficiently. This timely book will interest practitioners and academics with backgrounds in economics, law, political science and public policy.
Reviews / Votes
'Eric Brousseau and Jean-Michel Glachant have assembled a fascinating set of contributions that discuss the institutional arrangements that contribute to the 'manufacturing' of markets for goods and services ... The chapters in this book provide important insights about how these institutional choices have been made in many different contexts, drawing on lessons from economics, political science, organizational behavior, psychology and law. There is much to learn from these chapters for both scholars and policymakers.' Paul L. Joskow, President, Alfred P. Sloan Foundation, and Elizabeth and James Killian Professor of Economics, Emeritus, Massachusetts Institute of TechnologyMore details
Language
English
Place of publication
Cambridge
United Kingdom
Target group
Professional and scholarly
Illustrations
9 Tables, black and white; 26 Line drawings, black and white
Dimensions
Height: 235 mm
Width: 157 mm
Thickness: 34 mm
Weight
935 gr
ISBN-13
978-1-107-05371-7 (9781107053717)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Eric Brousseau | Jean-Michel Glachant
The Manufacturing of Markets
Legal, Political and Economic Dynamics
Book
01/2020
Cambridge University Press
€54.00
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Eric Brousseau | Jean-Michel Glachant
The Manufacturing of Markets
Legal, Political and Economic Dynamics
E-Book
05/2014
1st Edition
Cambridge University Press
€115.99
Available for download
E-Book
05/2014
Cambridge University Press
€29.49
Available for download
Persons
Eric Brousseau is Professor of Economics and Management at Paris-Dauphine University. He is a member of Dauphine Research in Management (DRM), a Joint Research Center between the CNRS and Paris-Dauphine. He is also the founder and director of the European School for New-Institutional Economics (ESNIE), and President of the International Society for New-Institutional Economics (ISNIE). His research focuses on the economics of governance, with applications to innovation, digital economics, the environment, development, and global governance. Jean-Michel Glachant is Director of the Florence School of Regulation and holder of the Loyola de Palacio Chair at the European University Institute in Florence. He has been coordinator or scientific adviser for several European research projects such as THINK, Optimate, SESSA, CESSA, Reliance, EU-DEEP, RefGov, TradeWind and Secure. He is chief editor of EEEP: Economics of Energy and Environmental Policy, the new academic journal of the International Association for Energy Economics, and is a member of the board of IAEE.
Content
Introduction: 1. Manufacturing markets: what it means and why it matters? Eric Brousseau and Jean-Michel Glachant; Part I. Public and Private Complementarities in Securing Exchange: Introduction to Part I Eric Brousseau and Jean-Michel Glachant; 2. Measurement systems as market foundations: perspectives from historical markets Aashish Velkar; 3. How to manufacture quality: the diversity of institutional solutions and how they interact in agrifood markets Marta Fernandez Barcala, Manuel Gonzalez-Diaz and Emmanuel Raynaud; 4. The law of impersonal transactions Benito Arrunada; Part II. Path Dependency and Political Constraints in Establishing Property Rights Systems: Introduction to Part II Eric Brousseau and Jean-Michel Glachant; 5. 'Manufacturing markets': the efficiency advantages of grandfathering allocations over auctions Terry L. Anderson, Ragnar Arnason and Gary D. Libecap; 6. Allocation in air emissions markets A. Denny Ellerman; 7. Auction versus negotiation in public procurement: looking for empirical evidence Eshien Chong, Carine Staropoli and Anne Yvrande-Billon; Part III. The Political Origin of Competition: Introduction to Part III Eric Brousseau and Jean-Michel Glachant; 8. Why competitive markets aren't self-actuating: the political economy of limited access John J. Wallis; 9. The creation of a market for retail electricity supply Stephen Littlechild; 10. The institutional design of European competition policy Antonio Manganelli, Antonio Nicita and Maria Alessandra Rossi; Part IV. The Myopia of the Public Hand: Introduction to Part IV Eric Brousseau and Jean-Michel Glachant; 11. Third-party opportunism and the theory of public contracts: operationalization and applications Marian W. Moszoro and Pablo T. Spiller; 12. The cycling of power between private and public sectors: electricity generation in Argentina, Brazil and Chile Witold J. Henisz and Bennet A. Zelner; 13. Politics and the manufacturing of a transatlantic market for civil aviation (1944-2007) Yannis Karagiannis and Adrienne Heritier; Part V. The Challenge of Balancing Public and Private Ordering: Introduction to Part V Eric Brousseau and Jean-Michel Glachant; 14. The microstructure of the first emerging markets in Europe in the eighteenth century Larry Neal; 15. Money reconstructed: Argentina and Brazil after hyperinflation Jerome Sgard; 16. For a renewal of financial regulation Michel Aglietta and Laurence Scialom; Part VI. The Daily Adjustment of Market Technology: Introduction to Part VI Eric Brousseau and Jean-Michel Glachant; 17. Antitrust liability in the U.S. for unilateral refusals to deal in intellectual and other property Howard A. Shelanski; 18. How do firms exercise unilateral market power? Empirical evidence from a bid-based wholesale electricity market Shaun D. Mcrae and Frank A. Wolak; 19. Exchanges: the quintessential manufactured markets Craig Pirrong; 20. Conclusion: tatonnement in the manufacturing of markets Eric Brousseau and Jean-Michel Glachant; References; Index.