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The problem of market bias in modern capitalist economies

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  • Richard R. Nelson

Abstract

Modern societies are presently facing a number of challenging and often contentious issues regarding how to organize and govern a variety of activities that employ a substantial and growing fraction of their resources. In certain cases, to make market organization work satisfactorily will require strong and fine-grained regulation, and perhaps a number of other supplementary non-market elements. For other activities, it would be best to rely centrally on other basic organizational modes, with markets in an ancillary role. In these latter cases, too strong an adherence to a belief in the general efficacy of simple market organization can hinder the achievement of a satisfactory solution. The central purpose of this essay is to call attention to the complexity and variegation of the sectoral or activityspecific governing structures employed by modern capitalist economies, and to argue that such structures need to be tailored to the details of the activities involved. Copyright 2002, Oxford University Press.

Suggested Citation

  • Richard R. Nelson, 2002. "The problem of market bias in modern capitalist economies," Industrial and Corporate Change, Oxford University Press, vol. 11(2), pages 207-244.
  • Handle: RePEc:oup:indcch:v:11:y:2002:i:2:p:207-244
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    1. Eduardo da Motta e Albuquerque, 2005. "Inadequacy of technology and innovation systems at the periphery: notes on Celso Furtado's contributions for a dialogue between evolutionists and structuralists," Textos para Discussão Cedeplar-UFMG td254, Cedeplar, Universidade Federal de Minas Gerais.
    2. Fabio Enrique Gómez Meneses & Raúl Andrés Ávila Forero, 2010. "Relación de la Presentación de Información de Negocios On-Line con las Variables Financieras en las Empresas Colombianas," REVISTA FACULTAD DE CIENCIAS ECONÓMICAS, UNIVERSIDAD MILITAR NUEVA GRANADA, June.
    3. Luis Edgar Cruz, 2010. "La Constitución Política de 1991 Y La Apertura Económica," REVISTA FACULTAD DE CIENCIAS ECONÓMICAS, UNIVERSIDAD MILITAR NUEVA GRANADA, June.
    4. Raimund Bleischwitz, 2012. "Towards a resource policy—unleashing productivity dynamics and balancing international distortions," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 24(2), pages 135-144, June.
    5. Raimund Bleischwitz & Michael Latsch & Kristian Snorre Andersen, 2004. "Sustainable Development and Collective Learning: Theory and a European Case Study," Bruges European Economic Policy Briefings 7, European Economic Studies Department, College of Europe.
    6. Bleischwitz, Raimund, 2003. "Governance of sustainable development: Towards synergies between corporate and political governance strategies," Wuppertal Papers 132, Wuppertal Institute for Climate, Environment and Energy.
    7. Iván Darío Hernández Umaña & Raúl Andrés Ávila Forero, 2010. "Paradigma Tecno-Económico Del Sector Eléctrico En Colombia A Través De Innovaciones Tecnológicas, Organizacionales, Financieras Y De Mercadeo. Caso De Análisis: Isa. S.A," REVISTA FACULTAD DE CIENCIAS ECONÓMICAS, UNIVERSIDAD MILITAR NUEVA GRANADA, June.
    8. Bleischwitz, Raimund, 2003. "Cognitive and institutional perspectives of eco-efficiency," Ecological Economics, Elsevier, vol. 46(3), pages 453-467, October.

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