The Institutionalist Implications of the General Systems Theory: The Societal Role of the Market

Vladislav Valentinov

Systems Research and Behavioral Science, 2012, vol. 29, issue 3, 253-262

Abstract: This paper examines how the general systems theory informs institutionalism, a strand of heterodox economic theory founded by Thorstein Veblen that is marked by a critical attitude towards the operation of real‐world markets. Focusing on Laszlo's systems philosophy and Bogdanov's Tektology, the paper shows that the general systems theory supports the institutionalist critique of the market but is more explicit about the significance of the market in ensuring the material self‐provisioning aspect of society. In line with the institutionalist critique, both Bogdanov and Laszlo share the concern that the market may not deliver the appropriate level of systemic integration within society, nor between society and the encompassing nature. However, both Bogdanov and Laszlo are shown to moderate the institutionalist critique by emphasizing the market's stabilizing and protective role, which is needed to safeguard the maintenance of social and technological complexity. Copyright © 2011 John Wiley & Sons, Ltd.

Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
https://doi.org/10.1002/sres.1129

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:srbeha:v:29:y:2012:i:3:p:253-262

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1092-7026

Access Statistics for this article

More articles in Systems Research and Behavioral Science from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().