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Financial Markets and Williamson’s Theory of Governance: Efficiency Versus Concentration Versus Power

In: Money and Employment

Author

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  • Louise Davidson

Abstract

The orthodox theory of the firm and of markets assumes structural rationality, that is, the organization is capable of the efficient translation of purpose into action. In orthodox analysis the purpose is assumed to be self-evident; for the firm it is to produce goods for the market in order to maximize profits, and for the market it is to bring buyers and sellers together to maximize utility in consumption. The firm and the market are conceived of as ‘black boxes’ and little analysis is done as to what is happening in those real world black boxes - or even whether the black boxes exist in the real world.

Suggested Citation

  • Louise Davidson, 1990. "Financial Markets and Williamson’s Theory of Governance: Efficiency Versus Concentration Versus Power," Palgrave Macmillan Books, in: Louise Davidson (ed.), Money and Employment, chapter 21, pages 324-338, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11513-6_22
    DOI: 10.1007/978-1-349-11513-6_22
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