Markets: Contrasts of Perspective

Andrew Kakabadse and Nada Kakabadse
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Andrew Kakabadse: Management Development
Nada Kakabadse: Cranfield School of Management

Chapter 1 in The Geopolitics of Governance, 2001, pp 1-15 from Palgrave Macmillan

Abstract: Abstract In economic theory, the market is viewed traditionally as a system of exchange of goods and services. Within such a framework, it is recognized that markets exist at different levels and that a well-balanced state is a prerequisite of the development of modern and sophisticated markets, similar to those that exist in the developed world today (Whitehead, 1993). The reason why an analysis of markets is undertaken in this chapter is to better understand the environment within which various philosophies and practices of governance are located. Specifically, the arguments for and against the free market are rehearsed, followed by an analysis of the various theories of the firm. Having examined the differing interpretations of the firm, further exploration is undertaken regarding the concept of competitive advantage. The point being emphasized throughout is that the context within which governance is applied is one of dynamism and ever-faster change.

Keywords: Transaction Cost; Competitive Advantage; Market Orientation; Competitive Strategy; Invisible Hand (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-0548-2_1

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DOI: 10.1057/9781403905482_1

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