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In the shadow illegal markets and economic sociology

  • Beckert, Jens
  • Wehinger, Frank

Illegal markets differ from legal markets in many respects. Although illegal markets have economic significance and are of theoretical importance, they have been largely ignored by economic sociology. In this article we propose a categorization for illegal markets and highlight reasons why certain markets are outlawed. We perform a comprehensive review of the literature to characterize illegal markets along the three coordination problems of value creation, competition, and cooperation. The article concludes by appealing to economic sociology to strengthen research on illegal markets and by suggesting areas for future empirical research.

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Paper provided by Max Planck Institute for the Study of Societies in its series MPIfG Discussion Paper with number 11/9.

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Date of creation: 2011
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Handle: RePEc:zbw:mpifgd:119
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  1. Alvin E. Roth, 2006. "Repugnance as a Constraint on Markets," Levine's Bibliography 321307000000000629, UCLA Department of Economics.
  2. Gene M. Grossman & Carl Shapiro, 1986. "Foreign Counterfeiting of Status Goods," NBER Working Papers 1915, National Bureau of Economic Research, Inc.
  3. Alejandro Portes, 2010. "Economic Sociology: A Systematic Inquiry," Economics Books, Princeton University Press, edition 1, number 9211, 01-2013.
  4. Jeffrey A. Miron & Jeffrey Zwiebel, 1995. "The Economic Case against Drug Prohibition," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 175-192, Fall.
  5. Satz, Debra, 2010. "Why Some Things Should Not Be for Sale: The Moral Limits of Markets," OUP Catalogue, Oxford University Press, number 9780195311594, December.
  6. Gene M. Grossman & Carl Shapiro, 1988. "Foreign Counterfeiting of Status Goods," The Quarterly Journal of Economics, Oxford University Press, vol. 103(1), pages 79-100.
  7. Henry Saffer & Frank Chaloupka, 1995. "The Demand for Illicit Drugs," NBER Working Papers 5238, National Bureau of Economic Research, Inc.
  8. Henry Saffer & Frank Chaloupka, 1998. "Demographic Differentials in the Demand for Alcohol and Illicit Drugs," NBER Working Papers 6432, National Bureau of Economic Research, Inc.
  9. Robert MacCoun & Peter Reuter & Thomas Schelling, 1996. "Assessing alternative drug control regimes," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 15(3), pages 330-352.
  10. Beckert, Jens, 2005. "Trust and the Performative Construction of Markets," MPIfG Discussion Paper 05/8, Max Planck Institute for the Study of Societies.
  11. Mendoza, Roger Lee, 2010. "Kidney black markets and legal transplants: Are they opposite sides of the same coin?," Health Policy, Elsevier, vol. 94(3), pages 255-265, March.
  12. Beckert, Jens & Aspers, Patrik (ed.), 2011. "The Worth of Goods: Valuation and Pricing in the Economy," OUP Catalogue, Oxford University Press, number 9780199594658, December.
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