Exchange Economics

An economic exchange of goods or services in the form of a gift given to a person or group by some other person or grouping.

From: Encyclopedia of Archaeology , 2008

Capitalism

R. Le Heron , in International Encyclopedia of Homo Geography, 2009

Neoclassical Economics

In the abstractions of neoclassical economics, exchange is regarded as equivalent in and amongst all article markets, including the labor marketplace. Consumers and producers accept equivalent status every bit markets are paramount. The full general structure of commodity substitution in terms of prices and relationships involving price is regarded as sufficient to characterize the whole economy. Buyers and sellers freely enter the frictionless frameworks of markets, armed with perfect rationality and perfect knowledge, respond to cost signals generated past need and supply schedules, to produce a general equilibrium. Note how this abstracted world operates – it tends toward equilibrium. Equally a result, neoclassical thought has privileged modeling (general equilibrium) of pricing and commutation, seeking mechanisms to obtain more than efficient market operations on the assumption that the more efficient are markets the better volition the economy perform.

And so what does abstract commercialism look like when painted through this lens? Conventional economical texts run into the world equally now largely featuring a capitalist gratis-enterprise system. For example, Paul Samuelson's archetype textbook economic science portrays (Figure ane) the competitive price system of capitalism solving the basic economic trouble of what to produce, how, and for whom in an elegantly simple way. This was spotted by geographer, David Smith who in the fourth Dictionary of Human Geography reflected that the label is illustrative of how far the assumptions of neoclassical thought guide the construction of the world and the pick of words to ballast the globe. Two groups of participants are recognized – the public (though interim in their own self-interest exercise so without conflict) and business (authorities is left outside the framing); the public takes its income into the markets for consumer appurtenances and services, expressing its preferences in the form of what Samuelson calls 'dollar votes', an implicit analogy with the electoral procedure so evoking the principles of democracy in support of gratuitous-market mechanisms.

Figure ane. A model of globalisation. Source: Fagan, R. and Le Heron, R. (1994). Reinterpreting the geography of aggregating: The global shift and local restructuring. Environs and Planning D: Society and Space 12, 265–285, slightly modified from Effigy one, A model of globalisation.

Such a characterization is far removed from the conclusions of Marxist political economy. In the neoclassical account the value of anything and everything is established through price, the commodity is innocent, and people in their specific geographical and historical contexts and circumstances do not figure. Equally there is no hint of sharp lines of difference around the rules of engagement in the capitalist market place economy, what get-go-up conditions might hateful for the terms of participation, and how individual and social outcomes may diverge profoundly.

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Tin can Informal Networks Positively Influence Economical Growth and Development? The Instance of South Korean Yongo Networks

M. Restel , S. Horak , in Business concern Networks in East Asian Capitalisms, 2017

viii.two.2 Economical Theory and Social Relations

Trust, as the precondition for economic substitution and the underlying social transactions based on reciprocity, has long been underrated in economic theory. The rationale of social relationships was regarded under the premises of a simple if-then logic by neoclassical thought: if a relationship maximizes profitability, then it will be upheld; otherwise, it will exist discarded. It was only later on that the influence of social relations was considered to be of interest, and new institutional economics provided an access opportunity for social and cultural phenomena into economic theory (Keefer & Knack, 2003). In that location is serious doubt most the universality of the explanatory ability of rational choice theory, since rationality and human behavior are mainly influenced by network-related factors and thus are to be understood as culture-dependent (Fukuyama, 1995). Transaction toll economics proposes to regard economic actors as existence only bounded rational and their behavior presumably moderated by the social structure in which they are embedded. Farther, dissimilar types of economical transactions require different governance models. Proposed by Williamson (1996), different degrees of nugget specificity require dissimilar monitoring and sanctioning systems for free riders and opportunistic behavior. Compared with formal (bureaucratic) command, informal networks can monitor and sanction free riding more effectively and more than efficiently, that is, at a lower price.

The efficiency and effectiveness of economic transactions have been studied within informal social networks. Compared with transactions with network external members, internal coordination and conciliation, informal peer pressure, and collective punishment are mechanisms to keep transaction costs depression within an breezy network (Buchanan, 1965; Sandler & Tschirhart, 1997). Once the network members are known, that is, in one case they possess a reputation for being norm constant and reliable, the efficiency and effectiveness of transactions strengthen (Gulati, 1995; Li, 2007; Uzzi, 1997). Thus, the adherence to informal network norms becomes a self-enforcing mechanism to the do good of low-cost transactions with network members in the hereafter (Davis, 1995; Taube, 2013). Furthermore, to trigger transactions with thus far mutually unknown actors, research has pointed out that the general willingness to appoint in a relationship at all is affected by social empathy, which normally occurs among people who share certain social traits and characteristics (Ibarra, 1992; Thomas, 1990). Information technology is causeless that social empathy can happen without the private knowing of the other individual's characteristics, equally long as they belong to the same group or network (Farh, Tsui, Xin, & Cheng, 1998). If we take the Italian Mafia for example, simply belonging to this group implies to other individuals in this group that one can be trusted, since the newcomer is anticipated to take the same origin, to share the same values, and to bide by the aforementioned rules.

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Finance, Historical Geographies of

K. Purvis , in International Encyclopedia of Man Geography, 2009

Coin is a key homo invention, facilitating economic substitution and the storage of value. Money has consequently been credited with promoting profound economic, social, and cultural change. Its universal significance is, however, matched by historical and geographical variety in the form and sophistication both of money itself and of the associated infrastructure of financial institutions. Desires to extend coin supply and facilitate its transfer across infinite have been of import stimuli to the development of financial services, as is axiomatic in strong correlations between historic patterns of trade and the geography of banking. Financial and political systems, likewise, have often been closely intertwined. States accept served every bit the sponsors and guarantors of currencies, and as both regulators and clients of fiscal service providers. The establishment of institutional frameworks for mobilizing investment capital has had an important impact on the geography of evolution, both at a national and an international level. Individual cities gained in importance as a result of their role in managing uppercase flows. Such cities housed wealthy and powerful financial communities, linked both internally and externally past circuitous networks of dealing and information. By contrast, the masses struggled to cope with poverty. However, this too inspired a diversity of fiscal institutions, ranging from the exploitative to powerful expressions of self-help.

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Social Uppercase

Steven N. Durlauf , Marcel Fafchamps , in Handbook of Economic Growth, 2005

2.4 Social capital and disinterestedness

Nosotros accept argued that trust is essential to both economic commutation and public skillful delivery. Nosotros take too argued that clubs and networks tin facilitate search and provide an imperfect substitute to generalized trust: in the absence of generalized trust, it may be necessary to rely on clubs and networks. Unlike generalized trust, nonetheless, clubs and networks often accept distributional consequences that may be quite inequitable. The reason is that, dissimilar generalized trust, clubs and networks but offer a fractional or uneven coverage of society. If the benefits of social capital principally accrue to network members, those who happen to be included benefit from increased efficiency merely those that are excluded exercise not. As Fafchamps (2002) and Taylor (2000) take shown, the creation of clubs or networks can even penalize nonmembers. This is because members of a club or network notice it easier to deal with each other and, as a issue, may stop dealing with nonmembers. 9

Clubs are to the lowest degree conducive to equity when membership is restricted to a specific grouping (east.g., men or whites) or when new members are not accepted (e.g., established firms only). Even when new members are accepted without restriction, historical events can shape the composition of clubs for decades whenever entry is boring. In this case, equal opportunity need non exist realized because old members have enjoyed the benefits of membership for much longer. By extension, clubs are likely to accept undesirable consequences on equity whenever (ane) club membership is beneficial to members and (ii) entry into the gild is non instantaneous. Put differently, clubs raise equity concerns whenever they have existent economic benefits.

The creation of clubs may thus reinforce polarization in club between the 'in' group and the 'out' grouping. Investing in social uppercase by promoting clubs can thus have serious equity repercussions. This is true even if we ignore the fact that certain clubs may collude to explicitly boss or exclude others (e.g., the Ku Klux Klan). A similar situation arises with networks because ameliorate continued individuals profit from their contacts [Fafchamps and Minten (2002)]. Social capital can be used by sure groups to overtake others, generating between-group inequality and political tension. To the extent that between-group inequality itself favors crime and riots and deters investment, promoting social uppercase by promoting specific groups may, in the long-run, be counterproductive.

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Economies, Culling

Due south. Healy , in International Encyclopedia of Man Geography, 2009

Performativity, Economic Deviation, and the Politics of Research

Colin William'southward recent piece of work on differentiating the process of economical commutation poses a significant claiming to the received wisdom that market commutation/commodification has displaced, or soon volition readapt, all other forms of exchange. Equally William notes, the commodification thesis circulates as a widely accustomed thought, and all the same information technology remains, essentially, an assertion that has yet to be theoretically or empirically substantiated. His own empirical work in the United Kingdom demonstrates that even in advanced industrial countries (and postindustrial ones), castling, other forms of nonmarket exchange, self-provisioning, and mutual assistance are widely practiced and may indeed be more integral to the lives of the middle and upper classes than they are for people on the social and economic margins.

The crucial insight from Williams' work is that the persuasive ability of the commodification thesis is itself a testament to operations of performativity. Something that is equally ubiquitous every bit nonmarket commutation remains subconscious only because information technology is configured discursively every bit subordinate. Interestingly, when it is revealed to be e'er-present information technology is dismissed every bit unimportant, dependent upon capitalism, or (from a progressive standpoint) not destructive plenty. The perceived expansiveness and dominance of market exchange is performatively constituted fifty-fifty (peradventure especially) past those who are critical of information technology.

Performativity theory is not just an invitation to think differently; it besides reveals the extent to which the discursive limits the conceivable and, by extension, the doable. In the open and indeterminate space of a diverse economy, the infinite of bookish engagement is correspondingly enlarged; the question becomes how do we understand and engage with economic difference when it is no longer positioned as the subordinate term inside a binary opposition? 1 answer might be to see the infinite of economical difference as a space of self-conscious and unconscious experimentation in becoming, where marginality or dominance, success or failure, cannot be known in advance. Every bit Lincoln points out in his case report of worker-owned (cooperative) enterprises, they succeed or fail as ventures for definite reasons only as capitalist enterprises succeed or neglect. The vulnerability of cooperative firms is not unique to their form, but reflects a general element of economical adventure that is heightened or attenuated in particular situations.

Viewing the economy as a space of experimentation/condign has some other important implication in that the recognition calls along and depends upon a new course of activist scholarship. The goal of this scholarship is to examine economical practices that are potentially valuable only discursively subordinated, bringing them to light and engaging with the actors to build or strengthen alternative economies. These scholarly interventions highlight the ideals and politics of language and representation, recognizing that acting differently requires thinking differently, and that witting change begins with the recognition of possibility.

Kevin St. Martin'due south work, for case, focuses on the discursive politics of resource management in the fisheries manufacture. Fisheries direction is currently guided by the assumption that each individual fisher is a cocky-interested utility-maximizer. As St. Martin points out, this leads to a regulatory approach – limits on days at body of water – that generates more risk-taking on the role of vessels and crews and produces the very behavior it presumes to control. Working closely with fishing communities themselves, St. Martin has put forward an alternative representation of fishers as a customs engaged with and invested in a mutual resource. It is common practice, for example, in the fisheries of the northeastern U.s.a. for fishers to share information (map plots) about bottom blazon and fish habitat; the controlled dissemination of this information constitutes a form of customs-based resource management that offers, St. Martin argues, an culling entry indicate to conservation. What is powerful most St. Martin's piece of work is that it is attempting to initiate a new approach to resource management which includes the customs of fishers as potential allies rather than adversaries. His approach to an culling policy regime depends upon seeing the possibilities in what is already a commonplace, everyday activity.

In another example of the experimental/performative arroyo to research, the Community Economies Commonage is collaboratively drafting a protocol for self-study with customs-based enterprises to document their histories and develop new, more appropriate metrics of success. One observation that has emerged from this work is that customs enterprises ofttimes change their mandates over time. The Alliance to Develop Power (formerly the Anti-Displacement Project (ADP)) started every bit an organization to preserve affordable housing in the Pioneer Valley of western Massachusetts. At present, the organization owns housing worth $45 meg dollars, making information technology one of the largest property owners in the area. Several years ago the ADP drew on their energetic membership and fiscal power to first a cooperative enterprise – United Landscaping – that provides worker-control and practiced jobs for ADP members as well as maintenance services for ADP properties. More recently, the ADP has worked with a local matrimony to open a worker education and advocacy center that offers ESOL, adult bones education, campaigns for off-white wages and wage restitution, fiscal services for the unbanked, and many other services to marginalized workers.

In their ongoing efforts to document the successes and setbacks of the ADP and organizations like it, the Customs Economies Collective sees its work as a vehicle for validating and disseminating effective strategies of economic activism and community engagement. Via the existing infrastructure of academic and activist channels, the ADP's experiences are readily communicated to scholars and activists worldwide, contributing to the performance of culling economies in far-flung places.

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Money and Finances, Psychology of

Eva Jonas , ... Dieter Frey , in International Encyclopedia of the Social & Behavioral Sciences (2nd Edition), 2015

Conclusion and Outlook

From a psychological perspective, it is obvious that money is much more than just an economic substitution good. Although money is an important resource that affects many domains in life, much of its significance seems to derive from its symbolic value and from psychological processes, such as social comparing processes, or attitudes toward money, which are circuitous and often ambivalent. Similarly, determinants of handling money oftentimes go beyond economic rationale. Recent enquiry includes more genuinely psychological perspectives (such as furnishings of money on cognition and social behavior) in studying the significance of money in people's life. Although nosotros could non cover all topics that are related to money (for instance, for the psychology of incentives and motivation, see Pay, Compensation, and Functioning, Psychology of and Work Motivation), the summarized topics demonstrate that the psychology of coin and finances is a rich field in which research efforts are worthwhile. Further subjects related to money such every bit economical and financial policy, land indebtedness, ethics and moral bug when handling coin, or the cultural history of money are interesting and – practical to psychology – provide a broad spectrum of promising avenues for future research.

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Understanding the Chinese-Speaking Economies

Rongxing Guo , in Understanding the Chinese Economies, 2013

15.iii.4 Futurity Perspective

In view of the development of the world economy in the xx-first century, the cross-Strait economic exchange and cooperation should be accelerated further. Simply this tin achieve prosperity for both sides and benefit the entire nation. The two sides have promised that political differences should not bear on or interfere with economic cooperation between the sides. Under the principles of peace, equality and bilateralism, the Taiwanese government is willing to promote cantankerous-Taiwan Strait economic exchanges and to treat the mainland as its hinterland. In club to seek the nigh efficient way of raising the level of the national economy, the PRC's government seems intent to continue to implement, over a considerable period of time, the policy of encouraging industrialists and businessmen from Taiwan to invest in the mainland. Definitely, the increasing contacts and exchanges betwixt the two sides will farther enhance the level of mutual understanding and trust.

Still, nobody can predict when the reunification of greater Cathay will become a realistic possibility. With the Cold War coming to an stop and individual and semi-official cross-Taiwan Strait contacts beingness guaranteed by the both sides, all Chinese see no reason why their state should be left out of the surging tide of détente and further divided by human being-made barriers.

Where there is patience and willingness to compromise, there is however hope. The hope emerges when the two sides detect that their differences are not really so key. Without doubt, the cosmos of political harmony and reunification between Taiwan and china may all the same require fourth dimension and patience on the function of both parties. It is a hopeful sign that the political regimes accept promised to reunify peacefully as a unmarried nation. Chinese people on both sides of the straits, and also the exterior world, volition watch carefully.

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EUROPE, S | Hellenic republic

Airton Pollini , Sophie Montel , in Encyclopedia of Archæology, 2008

The Political Sphere

The urban center of a Greek city was equanimous basically of three parts: the public expanse of political and economic exchanges, the sacred space, and the residences. The expanse reserved for the public life was called agora in Greek and it used to house several buildings with specific purposes. One of the all-time known examples is the agora of Athens (Figure 4), which is also taken as a model by mod archaeologists trying to describe other cities' monuments. Nevertheless, recent inquiry has fabricated it clear that Athens is simply a well-known example among various possibilities of organizing the public surface area of a Greek city.

Effigy 4. Athens, agora: the public place (circular tholos in the foreground) and temple of Hephaistos on the left.

The American School of Classical Studies has excavated the agora of Athens since 1931, after some preliminary, nonsystematic excavations. As most of the Greek literature preserved comes from Athens, the work in its agora tin can benefit from the combination of those ii types of data (literary and archaeological); no other city in Hellenic republic has equally much information and the same quality of data as Athens.

For political purposes, the about important edifice is the bouleuterion, where the council of the elected representatives would gather to vote the decisions of the urban center. Several other examples of this borough building can be found in Greece or Asia Minor (Aphrodisias, Assos, Herakleia at Latmos, Iasos, Miletos, Nyssa, Priene): they show a variety of size and form just near of those buildings institute in mainland Greece are in a bad land of preservation (Argos, Athens, Corinth, Dodona, Megalopolis, and Olympia).

One of the well-nigh characteristic buildings of an agora is the portico (stoa in Greek): some agoras seem not to have a bouleuterion, but a portico is present in practically every Greek city. The stoai were places for public gatherings and walking (Effigy 5): they offered shelter on rainy or too sunny days; they could also provide shelter for public, religious, commercial, or political activities; they constituted multipurpose buildings. The typical compages of these buildings is of a long covered space, recognizable mainly past the presence of colonnades, forming a protected place. In the case of Athens, several porticoes were identified, on all four sides of the agora; they are not contemporaneous but they progressively framed the public space. Some of them may as well take had some authoritative functions, as well as a propitious place to house Solon's laws (Purple Portico, in the west), where the tribunal could give some of the urban center's judgments, such as the famous one confronting the philosopher Socrates in 399 BCE. Public brandish in the form of inscriptions on steles could also provide data on laws or on next events. When talking about the stoai of Athens, one of the virtually impressive is the Stoa of Attalos, constructed by Attalos II of Pergamon in the center of the second century BCE, and rebuilt by the American school to lodge the Museum of the Agora in 1953–56. At the rear of this building, a row of shops links the building with the commercial part of the agora.

Figure 5. Assos, Troad, Turkey, agora: northward stoa; on the back wall, nosotros tin see the holes for the wooden beams for an upper story (late Hellenistic age).

Other agorai have been excavated in Greek cities. All of them assume the role of the economical centre of the city, with permanent (stoai, shops often with a room for the sales and some other room, at the back, for the stock or the workshops) and not permanent structures (such equally stalls): on the Competaliast's agora in Delos, holes in the pavement made of granite plates were brought to light and interpreted equally holes for stalls and tents installed on the market day.

Other common types of building present in an agora are the sacred ones (temples or altars), as well as places for social gatherings, such as theaters. In some smaller cities, the same building could perform the functions of theater and bouleuterion, depending on the circumstance. That was non the example in Athens, where one can observe, as well the bouleuterion, an odeon (small covered theater) in the middle of the agora, constructed nether Roman rule in the commencement century BCE.

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Social Capital in Organizations

Lorenzo Bizzi , in International Encyclopedia of the Social & Behavioral Sciences (2nd Edition), 2015

The Concept of Social Upper-case letter

Adler and Kwon (2002) provide the core intuition behind social capital letter: whereas market place relationships are characterized by economic exchanges in which individuals merchandise goods or services for money, interpersonal relationships are characterized by social exchanges in which individuals exchange favors. Someday an individual grants a favor to some other individual, he or she will receive a 'credit' or goodwill which can be used as a resource to facilitate the attainment of personal outcomes in the future. Social majuscule theory suggests that interpersonal relations create value for individuals as they provide resource which can be used for the achieving desired outcomes. Yet, although the core argument of social capital is clear and scholars seem to have converging opinions about it, what exactly does the concept of social capital capture? Does it reflect the social relations, their value, or the resources? Scholars take not reached understanding on that, and several conceptualizations have been used to characterize social capital.

In the get-go conceptualization, social capital in organizations equals social relations, generally described as the structure of social networks. According to Galunic et al. (2012: p. 1215) "social upper-case letter is primarily about the relationships that actors maintain, characterized in terms of such features as number, forcefulness, and density." Burt (1992: p. nine) identifies social upper-case letter as "friends, colleagues, and more than general contacts through whom you receive opportunities to utilize your financial and human capital." Nahapiet and Ghoshal (1998) acknowledge that one of the most popular conceptualizations of social upper-case letter focuses only on the construction of network relationships adult in organizations.

In the second conceptualization, social networks are exogenous to the definition of social majuscule. Social capital and social networks are 2 independent but causally related concepts. More specifically, social networks are said to exist the cause of social majuscule. In Inkpen and Tsang (2005) the authors specify that social capital originates from social networks. Gulati and Gargiulo (1999) specify that social networks create social capital and place social capital as the assets tied to the manager's network. Burt (2001) explicitly mentions that network structures create social capital. Hence, if social networks create social capital letter, they are exogenous to its definition and social capital is conceptualized equally the consequence of social networks. More specifically, social upper-case letter is identified with the resources which are provided by social networks. Adler and Kwon (2002: p. 23) argue that "social capital is the goodwill available to individuals and groups. Its source lies in the construction and content of the actor's social relations. Its effects flow from the information, influence, and solidarity it makes bachelor to the actor." Bourdieu (1985: p. 248) defines social capital letter as "the aggregate of the actual or potential resource which are linked to possession of a durable network of more or less institutionalized relationships of mutual associate or recognition."

In the third conceptualization, social capital refers to both social networks and the resources provided with them. In the definition of social capital we find 2 elements: the social networks and the resources. Here social networks are no longer exogenous to the definition of social capital. From Nahapiet and Ghoshal (1998: p. 243), nosotros read that social capital is defined as "the sum of the actual and potential resources embedded within, available through, and derived from the network of relationships possessed past an individual or social unit. Social capital thus comprises both the network and the assets that may be mobilized through that network." We can read from Boxman et al. (1991: p. 52) that social upper-case letter is "the number of people who can exist expected to provide support and the resources those people have at their disposal."

Although authors seem to disagree significantly on the theoretical conceptualization of social capital, when it comes to its empirical operationalization we find far more convergence. No thing how scholars define social capital, they near often tend to measure it by capturing the interpersonal relationships that individuals develop in organizations. The resources provided by social capital letter are mostly assumed to represent the explanatory mechanisms which relate interpersonal relationships to individual outcomes of interest. Yet, not all interpersonal relationships represent social majuscule. Coleman (1990: p. 302) specifies that "social majuscule is defined by its function. It is not a single entity, but a variety of different entities having two characteristics' in common: They all consist of some attribute of social structure, and they facilitate sure actions of individuals who are within the structure." As both Burt (1992) and Coleman (1990) acknowledge, social capital is therefore composed of the specific set of interpersonal relationships which create value for individuals in organizations.

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Prostitution and Sexual activity Piece of work

Jennifer Musto , ... Elena Shih , in International Encyclopedia of the Social & Behavioral Sciences (2nd Edition), 2015

Terminal Thoughts

In this late modern, postindustrial landscape in which sexual commerce is organized, the boundaries between erotic, emotional, and economic exchanges are invariably blurred (Bernstein, 2007; Sanders, 2005; Zelizer, 2005) and individuals' motivations and experiences with information technology wide-ranging. Scholarly debates surrounding prostitution continue to exist fiercely waged, particularly as concerns about sex activity trafficking have fostered antiprostitution responses. This commodity offers snapshots of some of the broad terms, discursive tensions, and overarching questions that foreground gimmicky scholarly treatment of prostitution and sex piece of work. As prostitution and sexual practice work continue to evolve, hereafter enquiry by sex workers and scholars is needed to map the salience of these changes and gauge its touch on on the people most directly impacted.

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