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When a marketplace is considered in isolation, the implicit conclusion is that markets are a sufficient defence against the exercise of power. But market transactions do not occur in isolation: they are defined by rules, property rights, prior events and social values. This book widens the focus of traditional economic analysis to examine the ways in which people may affect each other within and around markets to give rise to real power. Using conventional neoclassical assumptions about human behaviour, the book begins by developing a workable concept of power, allowing for its presence in a variety of forms and degrees. It examines the conditions under which power would necessarily be absent from market transactions and those under which it would be possible. It considers the decision processes of potential exercisers and subjects of power to determine when the exercise and success of power would be rational.

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Book Details

ISBN: 9780521355629
ISBN-10: 0521355621
Format: Hardback
(234mm x 156mm x 16mm)
Pages: 222
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 29-Sep-1989
Country of Publication: United Kingdom

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