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Uncertainty, Instability, and the Control of Markets

Author

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  • Jo, Tae-Hee
Abstract
Grounded in the methodological commitments shared by various traditions in heterodox economics, this paper explores going enterprises’ cooperative actions to control markets through social networks. It is argued that 1) market institutions are created and controlled by business enterprises and the state, that 2) competition and cooperation among business enterprises are two sides of the same coin, that 3) competition is regulated, and hence that 4) market instability is managed, if not eliminated, by those who control the market. Such arguments lead to the managed competition thesis that encompasses corporate governance, market governance, and market regulation in an integrative manner.

Suggested Citation

  • Jo, Tae-Hee, 2013. "Uncertainty, Instability, and the Control of Markets," MPRA Paper 47936, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:47936
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    File URL: https://mpra.ub.uni-muenchen.de/47936/1/MPRA_paper_47936.pdf
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    References listed on IDEAS

    as
    1. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    2. Lee,Frederic S., 2006. "Post Keynesian Price Theory," Cambridge Books, Cambridge University Press, number 9780521030212.
    3. Geoffrey Hodgson & Thorbjørn Knudsen, 2004. "The firm as an interactor: firms as vehicles for habits and routines," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 281-307, July.
    4. Frederic S. Lee, 2002. "Theory creation and the methodological foundation of Post Keynesian economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(6), pages 789-804, November.
    5. Jo, Tae-Hee & Henry, John F., 2013. "Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism," MPRA Paper 48782, University Library of Munich, Germany.
    6. Alfred S. Eichner, 1983. "Why Economics Is Not Yet a Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(2), pages 507-520, June.
    7. Killian J. McCarthy, 2013. "The Business Environment," Palgrave Macmillan Books, in: Understanding Mergers and Acquisitions in the 21st Century, chapter 2, pages 11-36, Palgrave Macmillan.
    8. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    9. John Groenewegen, 2004. "Who Should Control the Firm? Insights from New and Original Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 38(2), pages 353-361, June.
    10. J. A. Kregel, 1980. "Markets and Institutions as Features of a Capitalistic Production System," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(1), pages 32-48, October.
    11. Tae-Hee Jo, 2013. "Saving Private Business Enterprises," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(2), pages 447-467, April.
    12. Peter B. Meyer, 1986. "The Corporate Person and Social Control: Responding to Deregulation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 18(3), pages 65-84, September.
    13. Killian J. McCarthy & Wilfred Dolfsma, 2013. "Understanding Mergers and Acquisitions in the 21st Century," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-27807-4, March.
    14. Veblen, Thorstein, 1921. "The Engineers and the Price System," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1921.
    15. Joëlle Leclaire & Tae-Hee Jo & Jane Knodell (ed.), 2011. "Heterodox Analysis of Financial Crisis and Reform," Books, Edward Elgar Publishing, number 13978.
    16. Veblen, Thorstein, 1919. "The Vested Interests and the Common Man," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1919.
    17. Paddy Ireland, 2010. "Limited liability, shareholder rights and the problem of corporate irresponsibility," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(5), pages 837-856.
    18. Mayhew, Anne, 1998. "On the Difficulty of Evolutionary Analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(4), pages 449-461, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Market control; managed competition; uncertainty; instability;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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