Entrepreneurial Competition in the Pure Case: John Bloom and Jim Elkins

  • Peter Armstrong


For over a century, theorists in a variety of social scientific traditions have argued that trust is fundamental to the market economy. The original insight was due to Durkheim: ‘A contract is not sufficient unto itself but is possible only thanks to a regulation of the contract which is essentially social.’ (Durkheim, 1964, p. 203 ff.). This is so simply because a contract guarantees nothing without some wider normative pressure to honour contracts in general. The idea has since been resurrected within the idiom of functionalist sociology (Parsons and Smelser, 1956), economics (Arrow, 1975, McKean, 1975) and critical accounting (Noreen, 1988, Neu, 1991).


Transactional Model Public Career Voluntary Liquidation English Electric Lorry Driver 
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Copyright information

© Peter Armstrong 2005

Authors and Affiliations

  • Peter Armstrong
    • 1
  1. 1.The Management CenterUniversity of LeicesterUK

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