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Understanding the culture of markets: A reflection

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  • Solomon Stein

Abstract

This essay examines Virgil Storr’s ( 2013 ) Understanding the Culture of Markets, particularly the relationship between cultures and constitutions and the particulars of the ideal-typical ‘spirit’ of capitalism. Culture cannot be viewed as a constitution, I argue, because of fundamental differences between the two types of guidance to conduct, both for the actors within them and the researchers studying them. I also consider possibly conflicting interpretations of the idea of the animating spirit(s) of a market in the context of Storr’s example of the economic culture of the Bahamas. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Solomon Stein, 2014. "Understanding the culture of markets: A reflection," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 489-493, December.
    • Handle: RePEc:kap:revaec:v:27:y:2014:i:4:p:489-493
    DOI: 10.1007/s11138-014-0287-3
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    More about this item

    Keywords

    Culture; Interpretive economics; Virgil Storr; Max Weber; A12; B41; B53; L20; N90; P16; P50; Z10;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • N90 - Economic History - - Regional and Urban History - - - General, International, or Comparative
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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