Download e-book for kindle: The Invisible Hand of Power: An Economic Theory of Gate by Anton N. Oleinik

By Anton N. Oleinik

ISBN-10: 1781445044

ISBN-13: 9781781445044

This is often an cutting edge research of the innovations of domination, in accordance with monetary markets, judicial structures, academia and diplomacy, throughout North the USA and post-Soviet Russia.

Building on Weber’s concept of a constellation of pursuits and Commons’s paintings on transactions, Oleinik makes a speciality of the life and impression of gate keepers, people with the facility to restrict access to a selected transaction, reminiscent of judges, marketplace regulators, reviewers and teachers. finally, he seeks to supply a substitute for mainstream financial analyses of strength.

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Additional resources for The Invisible Hand of Power: An Economic Theory of Gate Keeping (Modern Heterodox Economics)

Example text

62 It follows that political power necessarily has a spatial, territorial dimension. The territorial embeddedness of political power enables the agents, who have it, to exercise entry control. Within the power triad, C has political power and, consequently, the privilege of entry control. As a result of C’s entry control, A gains economic power. C’s political power and A’s economic power do not exist independently from one another. They create and reinforce each other. C may charge A some entrance fees for being admitted to the field.

30 The fact that B receives a rent does not confer power on B. A can easily find an alternative to B, C, whereas B has no capacity to make threats or to use sanctions against A. This asymmetry in the relationship between A and B does not exclude the constellation of their interests. 31 The model of the labour market as a non-clearing market with contested exchanges can be generalized to a number of other key markets. Bowles and Gintis applied it to the credit market and the consumer goods market.

The 26 The Invisible Hand of Power: An Economic Theory of Gate Keeping incompleteness of information creates a need for endogenous enforcement and makes contract obligations contestable. B’s attempts to shirk may well remain undetected and/or unpunished by A. 22 The impact of these variables cannot be adequately assessed by B. Bowles and Gintis argue that incomplete contracts prevail in actual markets:23 Exogenous enforcement will generally be absent and exchanges will be contested when there is no relevant third party (as when A and B are sovereign states), when the contested attribute can be measured only imperfectly or at considerable cost (work effort, for example, or the degree of risk assumed by a firm’s management), when the relevant evidence is not admissible in a court of law (such as an agent’s eye witness but unsubstantiated experience) when there is no possible means of redress (for example, when the liable party is bankrupt), or when the number of contingencies concerning future states of the world relevant to the exchange preclude writing a fully specified contract.

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The Invisible Hand of Power: An Economic Theory of Gate Keeping (Modern Heterodox Economics) by Anton N. Oleinik


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