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Technology, Organization, and CompetitivenessPerspectives on Industrial and Corporate Change$
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Giovanni Dosi, David J. Teece, and Josef Chytry

Print publication date: 1998

Print ISBN-13: 9780198290964

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198290969.001.0001

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Varieties of Hierarchies and Markets: an Introduction

Varieties of Hierarchies and Markets: an Introduction

(p.105) 3 Varieties of Hierarchies and Markets: an Introduction
Technology, Organization, and Competitiveness

Gary G. Hamilton (Contributor Webpage)

Robert C. Feenstra

Oxford University Press

The paper presents both a theoretical and an empirical argument that the concept of hierarchy in relation to business firms needs to be reconceptualized. In the theoretical discussion, a synthesis is developed between Ronald Coase's and O. E. Williamson's conception of a market/hierarchy dichotomy and M. Weber's distinction between economic power and authority. The authors hold that the authoritative aspects of hierarchies, especially within networks of firms, have independent effects on the formation of market economies. An empirical demonstration is given of the relevance of this reconceptualization in an analysis of the economies of South Korea and Taiwan. The two case studies show that two different types of authoritative interfirm networks, one vertically arranged (Korea) and the other horizontally arranged (Taiwan), substantially shape the performance of these economies.

Keywords:   authority, economic performance, economic power, firm networks, firms, hierarchies, horizontal interfirm networks, interfirm networks, market economies, market/hierarchy dichotomy, markets, South Korea, Taiwan, vertical interfirm networks

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