In the shadow illegal markets and economic sociology

Jens Beckert and Frank Wehinger

No 11/9, MPIfG Discussion Paper from Max Planck Institute for the Study of Societies

Abstract: 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.

Date: 2011
New Economics Papers: this item is included in nep-hme
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:mpifgd:119

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