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The Market MakersHow Retailers are Reshaping the Global Economy$
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Gary G. Hamilton, Benjamin Senauer, and Misha Petrovic

Print publication date: 2011

Print ISBN-13: 9780199590179

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199590179.001.0001

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Retailers as Market Makers

Retailers as Market Makers

(p.31) Chapter 1 Retailers as Market Makers
The Market Makers

Misha Petrovic (Contributor Webpage)

Gary G. Hamilton (Contributor Webpage)

Oxford University Press

In this chapter, Misha Petrovic and Gary Hamilton outline the market-making perspective and contrasts this perspective with two alternatives perspectives (namely, theories of comparative and competitive advantage) that are frequently used to conceptualize international trade and the global economy. The alternatives are generally ahistorical and non-organizational, and both rely on unrealistic assumptions about how actual markets work. The two authors then describe the historical background for the retail revolution, and show that market making by retailers involves multiple institutional innovations that have contributed to the evolution of both horizontal and vertical competition between retailers and their suppliers in the course of making national and global markets. The market-making perspective is shown to be historical, developmental, and organizational.

Keywords:   market making, mass selling, retailers as market makers, consumer markets, supplier markets, market institutions, co-evolution of market roles

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