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Fligstein
Markets as politics
| Question | Answer |
|---|---|
| What are the boxes in porter's diamond | 1. Firm Strategy, structure and rivalry 2. Factor conditions 3. Demand conditions 4. relating and supporting industries |
| What are the supporting industries in Porter's Diamond | 1. Government 2. Chance |
| Relate the two | Do it |
| what does Granovetter(1985) say | That all economic transactions are are centered in social relations, what he called the embedded market. |
| Fligstein & Freeland(1995) argue what: | "Industrial countries are not converging toward a single form." "Instead a plurality of social relations have been observed that structure markets within and across societies." Fligstein(1996) |
| the two dimensions of the metaphor; "Markets as politics" | 1. The formation of markets as part of state-building. 2. processes within markets reflects two types of political projects |
| Political Projects in the market: | 1. The internal firm power struggle 2. The power struggle across firms to control markets. |
| Social institutions needed to form markets: | 1. Property rights 2. Governance structures 3. Conceptions of control 4. Rules of exchange |
| Property rights: | Social relations which define who has claims on the profits of firms, (LOCKE) |
| Governance structures: | Refers to general rules in a society that define relations of competition, cooperation, and market-specific definitions of how firms should be organized. |
| Conception of control: | Refers to understandings that structure perceptions of how a market works and allow actors to interpret their world and act to control situations. "local knowledge." Geertz(1980) |
| Rules of exchange: | Defines who can transact with whom and conditions under which transactions are carried out. |
| The model of action: Sources of instability: | 1. The tendency of firms to undercut one another's prices 2. the problem of keeping the firm together as a political coalition |
| How do actors control sources of instability? | They try to avoid this through conception of control. the goal of conception of control is to erect social understandings whereby firms can avoid direct price competition and solve their internal political problems. |
| What is Vertical integration? | Merger with suppliers and customers |
| Horizontal Integration? | Merger with competitors. |
| Interventionist states | Interventionist states are involved in making substantive decisions for many markets, maybe even own companies (France) |
| Regulatory States | Create agencies to enforce general rules in markets, but do not decide who can own what and how investments proceed. |
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