Relational Contracting in Practice: A Route to Relational Economics?

Tim Cummins () and Sally Guyer
Additional contact information
Tim Cummins: Leeds University Business School
Sally Guyer: Durham University Business School

A chapter in The Relational View of Economics, 2022, pp 229-245 from Springer

Abstract: Abstract In 2016, when awarding the Nobel prize for Economic Sciences, the awarding committee observed that ‘Modern economies are held together by innumerable contracts’. It, therefore, seems logical that relational economics could be supported—and perhaps enabled—by relational contracts. In this chapter, we suggest that the emergence of the networked world has in essence already created the core framework for a relational economy, but this shift is currently frustrated by the lack of institutions, procedures and rules necessary for its management. Relational contracting may provide the missing link and prove to be a catalyst for change, but first we must be clear about what is meant by relational contracting. The definition of ‘relational contracts’ remains imprecise and traditional legal and economic theory appears to recognize that this may take several forms. This chapter explores the current state of relational contracts (an artefact) and relational contracting (a process) and suggests that emerging technologies provide an opportunity for new thinking and to turn relational economics from theory to practice.

Keywords: Collaboration; Ecosystems; Transparency; Industry codes; Governance (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:spr:recchp:978-3-030-86526-9_12

Ordering information: This item can be ordered from
http://www.springer.com/9783030865269

DOI: 10.1007/978-3-030-86526-9_12

Access Statistics for this chapter

More chapters in Relational Economics and Organization Governance from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().