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Uncertainty, Instability, and the Control of Markets

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  • Jo, Tae-Hee

Abstract

Grounded in the methodological commitments shared by various traditions in heterodox economics, this paper explores going enterprises’ cooperative actions to control markets through social networks. It is argued that 1) market institutions are created and controlled by business enterprises and the state, that 2) competition and cooperation among business enterprises are two sides of the same coin, that 3) competition is regulated, and hence that 4) market instability is managed, if not eliminated, by those who control the market. Such arguments lead to the managed competition thesis that encompasses corporate governance, market governance, and market regulation in an integrative manner.

Suggested Citation

  • Jo, Tae-Hee, 2013. "Uncertainty, Instability, and the Control of Markets," MPRA Paper 47936, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:47936
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    File URL: https://mpra.ub.uni-muenchen.de/47936/1/MPRA_paper_47936.pdf
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    References listed on IDEAS

    as
    1. Lee,Frederic S., 2006. "Post Keynesian Price Theory," Cambridge Books, Cambridge University Press, number 9780521030212, April.
    2. Geoffrey Hodgson & Thorbjørn Knudsen, 2004. "The firm as an interactor: firms as vehicles for habits and routines," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 281-307, July.
    3. Frederic S. Lee, 2002. "Theory creation and the methodological foundation of Post Keynesian economics," Cambridge Journal of Economics, Oxford University Press, vol. 26(6), pages 789-804, November.
    4. Jo, Tae-Hee & Henry, John F., 2013. "Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism," MPRA Paper 48782, University Library of Munich, Germany.
    5. J. A. Kregel, 1980. "Markets and Institutions as Features of a Capitalistic Production System," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(1), pages 32-48, October.
    6. Peter B. Meyer, 1986. "The Corporate Person and Social Control: Responding to Deregulation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 18(3), pages 65-84, September.
    7. Paddy Ireland, 2010. "Limited liability, shareholder rights and the problem of corporate irresponsibility," Cambridge Journal of Economics, Oxford University Press, vol. 34(5), pages 837-856.
    8. Mayhew, Anne, 1998. "On the Difficulty of Evolutionary Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 22(4), pages 449-461, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Market control; managed competition; uncertainty; instability;

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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