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Market Exchange, Social Structures and Time

Geoff Easton (University of Lancaster, UK)
Luis Araujo (University of Lancaster, UK)

European Journal of Marketing

ISSN: 0309-0566

Article publication date: 1 March 1994

1866

Abstract

Two important, although neglected, dimensions of market exchange are the temporal and the social. Exchanges, particularly those between organizations, may be thought of as embedded in a social framework which rewards continuity. Similarly exchanges between the same entities which recur over time take on a different character from those which are instantaneous and atomistic. Such patterns of exchange create a framework, of among other things, expectations, trust, adaptations and investments which can be said to comprise the elements of a relationship. Addresses the many reasons why individuals, but especially organizations, choose to give up freedom of choice and the open market for the confines of a stable and long‐term relationship. Where such relationships exist they provide a measure of continuity in the workings of markets. This, in turn, gives rise to enduring structures which have been labelled industrial networks. Such structures provide an important framework for exchanges within a market since they introduce interdependence and stability into the system. Markets are thus networks of connected exchange relationships, among individuals and organizations, located in time and space, and whose identity is both the product and the outcome of these exchange patterns.

Keywords

Citation

Easton, G. and Araujo, L. (1994), "Market Exchange, Social Structures and Time", European Journal of Marketing, Vol. 28 No. 3, pp. 72-84. https://doi.org/10.1108/03090569410057317

Publisher

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MCB UP Ltd

Copyright © 1994, MCB UP Limited

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