Social Sources of Power and Transaction Costs

Heng-Fu Zou ()

No 633, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: By integrating Michael Mann's sources of social power into Ronald Coase's analysis, we can achieve a more nuanced understanding of how firms, markets, and the law operate within broader social contexts. Ideological, economic, military, and political powers intersect with economic transactions, influencing the formation, operation, and regulation of firms and markets. This synthesis highlights the multifaceted nature of economic activities and the importance of considering power dynamics in economic theories.

Pages: 11 pages
Date: 2023-03
New Economics Papers: this item is included in nep-hme and nep-law
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