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date: 02 June 2020

Abstract and Keywords

Comparative institutionalist analysis aims to investigate different patterns of markets: how they emerged, are reproduced, managed, and changed. This article begins by providing an initial framework for identifying market processes. It describes the conditions of existence of such processes and the embeddedness of these processes in social relations and social institutions. This requires a historical perspective in order to distinguish the emergence of local market relations within non-market societies from the development of market societies per se. Market societies imply the existence of relatively stable institutional orders that facilitate the formation and operation of markets in a wide range of domains. This article considers the debate on the diffusion of the neo-liberal market model and examines the ways in which particular models of markets are becoming embedded in international and global processes.

Keywords: comparative institutionalist analysis, social relations, social institutions, market societies, neo-liberal market

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