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Anti-Williamson: a Marxian critique of New Institutional Economics

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  • Daniel Ankarloo

Abstract

New institutional economics explains capitalist institutions by means of neoclassical tools. This method consists of introducing non-market institutions as solutions to market failures. The explicit or implicit assumption is that 'in the beginning there were markets'. In this paper, we criticise this conception inherited from neoclassical economics by focusing on Williamson's theory. First, we discuss Williamson's speculative method, which idealises the market and presents it as natural and universal. We then suggest that Williamson's categories, his method and conception are themselves products of bourgeois ideology. In this sense, we conclude, Williamson himself is ultimately an 'institution of capitalism'. Copyright 2004, Oxford University Press.

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  • Daniel Ankarloo, 2004. "Anti-Williamson: a Marxian critique of New Institutional Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(3), pages 413-429, May.
    • Handle: RePEc:oup:cambje:v:28:y:2004:i:3:p:413-429
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    File URL: http://hdl.handle.net/10.1093/cje/beh019
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    Cited by:

    1. Lefteris TSOULFIDIS, 2017. "Economic theory in historical perspective," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(2), pages 102-124, May.
    2. Sebastião Neto Ribeiro Guedes & Rodrigo Constantino Jeronimo, 2023. "A Concept of Two Authors: Commons and Williamson on Transactions," Journal of Interdisciplinary Economics, , vol. 35(1), pages 61-82, January.
    3. Jérôme Maucourant, 2012. "Nouvelle économie institutionnelle ou socioéconomie des institutions ?," Post-Print halshs-00804622, HAL.
    4. Prévost, Benoît & Rivaud, Audrey, 2018. "The World Bank’s environmental strategies: Assessing the influence of a biased use of New Institutional Economics on legal issues," Ecosystem Services, Elsevier, vol. 29(PB), pages 370-380.
    5. Frolov, Daniil, 2019. "From transaction costs to transaction value: Overcoming the Coase-Williamson paradigm," MPRA Paper 95959, University Library of Munich, Germany.
    6. Mehrdad Vahabi, 2011. "Appropriation, violent enforcement, and transaction costs: a critical survey," Public Choice, Springer, vol. 147(1), pages 227-253, April.
    7. Fonseca Francisco Javier, 2015. "Deficiencies of the Rule of Law and the Legal Culture, and Its relationship to Underdevelopment," Asian Journal of Law and Economics, De Gruyter, vol. 6(2), pages 231-248, October.
    8. Thomas Holtfort, 2019. "From standard to evolutionary finance: a literature survey," Management Review Quarterly, Springer, vol. 69(2), pages 207-232, June.
    9. Todorova, Tamara, 2022. "Оливър Уилямсън: Новатор На 20 Век И Основател На Новата Институционална Икономика [Oliver Williamson: an innovator of the 20th century and founder of the new institutional economics]," MPRA Paper 121077, University Library of Munich, Germany.
    10. Giulio Palermo, 2005. "Misconceptions of Power: From Alchian and Demsetz to Bowles and Gintis," Working Papers ubs0510, University of Brescia, Department of Economics.
    11. Vahabi,Mehrdad, 2019. "The Political Economy of Predation," Cambridge Books, Cambridge University Press, number 9781107591370.

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