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Beyond the one best market: an essay on trans-economic exchange rates

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  • Roth, Steffen

Abstract

We routinely trust organizations that convert belief, truth, health, power, or beauty into money. Nonetheless, we know almost nothing about the corresponding exchange rates. Based on a system theorist concept of functional differentiation and the Bourdieueconomic forms of capitals, the paper presents strong evidence for the existence of non-economic markets for the mentioned values. The conclusion of the paper is that organizations with a more polyphonic, non-reductionist self- and market concept can act strategically as change agencies between those “markets of society”, i.e. they can influence the exchange rates between economic and non-economic values in terms of trans-political trade cycle politics.

Suggested Citation

  • Roth, Steffen, 2010. "Beyond the one best market: an essay on trans-economic exchange rates," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 130(5), pages 66-79.
    • Handle: RePEc:zbw:espost:104610
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    References listed on IDEAS

    as
    1. Beckert, Jens, 2007. "The Great Transformation of Embeddedness: Karl Polanyi and the New Economic Sociology," MPIfG Discussion Paper 07/1, Max Planck Institute for the Study of Societies.
    2. Baron, Robert A. & Markman, Gideon D., 2003. "Beyond social capital: the role of entrepreneurs' social competence in their financial success," Journal of Business Venturing, Elsevier, vol. 18(1), pages 41-60, January.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Market; Luhmann; Social Systems Theory; Polyphony; Functional Differentiation;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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