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Veblen’s Institutional Approach and Agribusiness Coordination

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  • Luis Otavio Bau Macedo

Abstract

The paper aims to investigate Thorstein Veblen’s evolutionary framework to the analysis of agribusiness systems. Veblen’s theory argues that institutions are as much the result of individual choices as act over choices through the enforcement of mental habits. So there is a recursive relationship between individuals and institutions. Veblen’s stressed out contributions: (i) a broad concept of institution, and (ii) institutional recursive relationships, both are of great value for the investigation of agribusiness systems. The article provides an assessment of Monsanto’s role in the Brazilian market of genetically modified seeds (GM). In accordance with the performed assessment Monsanto may be considered as an institution in that market, because its performance enforces and establishes routines and habits among market players, like the examples of the scheme to collection of royalties fees at soybean trading facilities, and the role of Monsanto in the enactment of the Brazilian GMO property rights regime.

Suggested Citation

  • Luis Otavio Bau Macedo, 2017. "Veblen’s Institutional Approach and Agribusiness Coordination," International Business Research, Canadian Center of Science and Education, vol. 10(2), pages 124-134, February.
    • Handle: RePEc:ibn:ibrjnl:v:10:y:2017:i:2:p:124-134
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    References listed on IDEAS

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    1. Thorstein Veblen, 1909. "The Limitations of Marginal Utility," Journal of Political Economy, University of Chicago Press, vol. 17(9), pages 620-620.
    2. Veblen, Thorstein, 1909. "The Limitations of Marginal Utility," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17.
    3. Zylbersztajn, Decio & Farina, Elizabeth Maria Mercier Querido, 1999. "Strictly Coordinated Food-Systems: Exploring The Limits Of The Coasian Firm," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 2(2), pages 1-17.
    4. Veblen, Thorstein, 1998. "Why Is Economics Not an Evolutionary Science?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(4), pages 403-414, July.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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