Market and non-market hierarchies : theory of institutional failure

Author(s)

Bibliographic Information

Market and non-market hierarchies : theory of institutional failure

Christos Pitelis

B. Blackwell, 1991

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Note

Bibliography: p. [225]-246

Includes index

Description and Table of Contents

Description

This book is the first attempt to examine in one volume 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. As well as its comprehensive coverage, the book is unique in its focus on, and comparative assessment of 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.

Table of Contents

  • Institutions of capitalism and institutional crisis
  • market and non-market hierarchies - the nature, objectives and evolution of firms
  • competition, monopoly and prices
  • the nature of the capitalist state
  • theory of capitalist institutional crisis.

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