Rules and Roles in the Marketplace: Self-Organization of the Market
Supposedly, competition among sellers in the marketplace redounds to the benefit of customers, an outcome known as consumer sovereignty. Where such is not the case, governmental regulation of the market is thought to restore the desired outcome. Among the many presumptions in this expectation is the notion that the sellers focus on transactions and are individually and collectively unconcerned with the overall operation of the market or its mode of governance. The paper is skeptical of this notion and advances a more realistic alternative.
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