Business & Economics Books:

Market and Non-Market Hierarchies

Theory of Institutional Failure


Paperback / softback

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Market and Non-Market Hierarchies by Christos N. Pitelis
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This volume examines the questions of the existence, evolution and failure of the three major institutions of capitalism: the market, the firm (including the transnational corporation) and the state. Following critical appraisals of existing theoretical perspectives on these questions, namely neo-classical, Austrian, post-Keynesian and Marxist, the author adopts an evolutionary-historical approach aimed at deriving a synthesis where possible and breaking new ground when not. The book focuses on, and assesses mainstream micro- and macroeconomic theories of "failure" and Marxian theories of capitalist crisis. Christos Pitelis' analysis of markets, firms and states points to the possibility of a mainstream theory of capitalist institutional failure based on transaction cost economizing. This can be incorporated within a more general approach to institutional crisis which considers the relevant macroeconomic aspects, most notably realization failures.
Release date NZ
July 28th, 1993
Country of Publication
United Kingdom
notes, references, index
Blackwell Publishers
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