Markets, Rules and Institutions of Exchange

This book is about how to understand the huge variety of markets and market organisation in contemporary economies through a dialogue between a group of UK and French scholars. It presents a critique and development of institutional views of markets, and ‘puts markets in their place’ in a wider political and social context. In the wake of the 2008 financial crisis in markets, the book makes a topical and significant contribution on the importance of the rules and regulations that constitute markets, and their broader political and legal frameworks. Moreover, the disruption of markets brings to the fore their interconnection with the broader economy, with production, distribution and consumption in a way often ignored at the height of market bubbles.Both theoretical and empirical, a wide range of markets are considered, capital markets for new technology and venture capital, for food, domestic services and scientific knowledge. The authors address how markets emerge and disappear, or indeed why they fail to appear, as well has how they become stable and institutionalised.