Market and Non-Market Hierarchies

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Market and Non-market Hierarchies: Theory of Institutional Failure examines capitalism's three major institutions: the market, the firm, and the state. Plumbing the depths of history and surfacing in the modern era, this book offers the unique perspective of analysis through the lens of Marxian theories of capitalist crisis alongside a comparison of major micro- and macroeconomic theories of failure. Comprehensive in scope, the discussion tracks the evolution of the firm and explores the capitalist state as a preface to a theory of institutional failure based on transaction cost economizing.

1 Institutions of Capitalism and Institutional Failure 1

2 The Nature Objectives and Evolution of Firms 7

3 Competition, Monopoly and Prices 55

4 The Capitalist State 93

5 Theory of Capitalist Institutional Failure and Crisis 149

References 225

Index 247

Christos N. Pitelis is the author of Market and Non-Market Hierarchies: Theory of Institutional Failure, published by Wiley.