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Institutional Economics and Business History: A Way Forward?

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  • Mark Casson

Abstract

Analytical business history requires a synthesis of theories of transaction cost, entrepreneurship and firm-specific competence. These theories can be integrated using the concept of information cost. Economies of information cost explain the emergence of market-making intermediation in capitalist economies. Economists have been so preoccupied with production that they have ignored the role of market-making intermediation, despite the fact that market-making intermediation has a crucial impact on the strategy and organisation of the firm. This essay charts the historical emergence of market-making intermediation, and analyses its effects using a diagrammatic technique specially developed for this purpose. It is suggested that the concept of information cost, and the techniques of analysis allied with it, offer a useful way forward for business historians.

Suggested Citation

  • Mark Casson, 1997. "Institutional Economics and Business History: A Way Forward?," Business History, Taylor & Francis Journals, vol. 39(4), pages 151-171.
    • Handle: RePEc:taf:bushst:v:39:y:1997:i:4:p:151-171
    DOI: 10.1080/00076799700000150
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    Cited by:

    1. Howells, Jeremy, 2006. "Intermediation and the role of intermediaries in innovation," Research Policy, Elsevier, vol. 35(5), pages 715-728, June.
    2. Alain Verbeke & Hadi Fariborzi, 2019. "Managerial governance adaptation in the multinational enterprise: In honour of Mira Wilkins," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(8), pages 1213-1230, October.
    3. Lepore, Amedeo, 2012. "New research methods of business history," MPRA Paper 36952, University Library of Munich, Germany.
    4. Nicholas A Phelps & Andrew M Wood, 2018. "The business of location: site selection consultants and the mobilisation of knowledge in the location decision," Journal of Economic Geography, Oxford University Press, vol. 18(5), pages 1023-1044.
    5. John F. Wilson & Andrew Popp, 2003. "Business networking in the industrial revolution: some comments," Economic History Review, Economic History Society, vol. 56(2), pages 355-361, May.
    6. Monica Keneley, 2020. "Reflections on the Business History Tradition: Where has it Come from and Where is it Going to?," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 60(3), pages 282-300, November.
    7. Magnus Lindmark & Lars-Fredrik Andersson & Mike Adams, 2006. "The Evolution and Development of the Swedish Insurance Market," Accounting History Review, Taylor & Francis Journals, vol. 16(3), pages 341-370.
    8. Buckley, Peter J., 2009. "The impact of the global factory on economic development," Journal of World Business, Elsevier, vol. 44(2), pages 131-143, April.
    9. Maixe-Altes, J. Carles, 2011. "Governance in Spanish Savings Banks. A Historical Perspective," MPRA Paper 29535, University Library of Munich, Germany.
    10. Toms, Steven, 2017. "Network preferences and the growth of the British cotton textile industry, c.1780-1914," MPRA Paper 80058, University Library of Munich, Germany.
    11. Cho, Hyejin & Ahn, He Soung, 2017. "Stock payment and the effects of institutional and cultural differences: A study of shareholder value creation in cross-border M&As," International Business Review, Elsevier, vol. 26(3), pages 461-475.

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