“The social structures of markets and the internal organisation of firms are best viewed as attempts to mitigate the effects of competition with other firms.”

Source: Markets as politics: A political-cultural approach to market institutions, 1996, p. 657

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Neil Fligstein40

American sociologist 1951

Gerald F. Davis (1961) American sociologist

Source: "Agents without principles?" 1991, p. 538 ; Abstract

“I use the metaphor "markets as politics" to create a sociological view of action in markets. I develop a conceptual view of the social institutions that comprise markets, discuss a sociological model of action in which market participants try to create stable worlds and find social solutions to competition, and discuss how markets and states are intimately linked. From these foundations, I generate propositions about how politics in markets work during various stages of market development-- formation, stability, and transformation. At the formation of markets, when actors in firms are trying to create a status hierarchy that enforces noncompetitive forms of competition, political action resembles social movements. In stable markets, incumbent firms defend their positions against challengers and invaders. During periods of market transformation, invaders can reintroduce more fluid social-movement-like conditions.”

Neil Fligstein (1951) American sociologist

Source: Markets as politics: A political-cultural approach to market institutions, 1996, p. 656; Abstract

“We believe that, in order to understand contemporary economic decision making, we need to supplement the study of market factors with an examination of the internal operation of the firm – to study the effects of organizational structure and conventional practice on the developments of goals, the formation of expectations, and the execution of choices.”

Richard Cyert (1921–1998) American economist

Source: A behavioral theory of the firm, 1959, p. 1

“The organizational fields of the largest firms continued to be unstable. There were no accepted rules to define how firms could avoid destructive competition, so they attempted to control their markets through various aggressive trade tactics, continued mergers, cartels, getting the federal government to guarantee profitability.”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 89

“The generally accepted image of international trade is one in which a number of trading communities… are engaged in striving each to win for itself, and at the expense of the others, the largest possible share of a strictly limited objective—the world market. … So far as world or international trade is rightly presented as a competitive process, that competition takes place not between America, Britain, Germany, but between a number of separate American, British, German, firms. The immediate interests of these firms is not directed along political lines.”

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

The Morals of Economic Irrationalism (1920)

“The triplet of specifications - the product-market scope, the growth vector and the competitive advantage - describes the firm's product-market path in the external environment.”

Igor Ansoff (1918–2001) American mathematician

Source: Corporate Strategy, 1965, p. 110

“The forms of social organization produced the market, not the reverse… Instead of markets calling forth efficient forms of social organization, political and social interactions produced the structuring of sociologically effective markets.”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 300

“Difficulties arise when an attempt is made to acclimatize the theory to an alien environment and, in particular, to adapt the analysis of the expansion of the innovating multi-product, ‘flesh and blood’ organisations that businessmen call firms.”

Edith Penrose (1914–1996) economist

Source: The Theory of the Growth of the Firm, 1959, p. 13

“The limit to the size of the firm is set where its costs of organizing a transaction become equal to the cost of carrying it out through the market. This determines what the firm buys, produces, and sells. As the concept of transaction costs is not usually used by economists, it is not surprising that an approach which incorporates it will find some difficulty in getting itself accepted. We can best understand this attitude if we consider not the firm but the market.”

Ronald H. Coase (1910–2013) British economist and author

1960s-1980s, "The Firm, the Market, and the Law" (1988)

“A leading firm that controlled a large portion of the output of a given organizational field operated as a price setter. To set prices, the actors in that firm had to control their suppliers and marketing in order to increase their own efficiency and have the potential to cut off other firms from supplies or customers.”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 89

“The social structures of markets and the internal organisation of firms are best viewed as attempts to mitigate the effects of competition with other firms.”

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Neil Fligstein40

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