The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Producers’ Markets

  • Harrison C. White
  • Robert G. Eccles
Reference work entry


Any market is a social formation which decouples sellers from buyers exactly by turning the particular persons into occupants of roles. These roles form a transposable structure, which also translates items of offer into roles as commodities. Other varieties of such social formations are, for example, ritual prestation cycles of gifts, in which status and purity are computed via regularized offerings and receptions (such as Strathern’s The Rope of Moka, 1971). But all markets are decentralizing; they dissolve the global structure of flows in prestation institutions into locally accountable flows.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Harrison C. White
    • 1
  • Robert G. Eccles
    • 1
  1. 1.