A Weberian analysis of business groups and financial markets : trade relations in Taiwan and South Korea and some major stock exchanges

Moral economy, as a set of rules which regulate market transactions, has been the object of much research and debate since the 1980's. Classical sociological authors such as Weber, Simmel, and Toennies also dealt with this subject, however Weber in particular dwelt on the rules of the moral economy in the financial markets. This work sheds light on Weber's contribution, as distinguished from those of Simmel and Toennies, formulating two models of business relations, one oligopolistic and the other based on free competition, and shows the consequences on competitiveness in the World market that flow from the prevalence of the one model or the other. The conduct of actors in financial markets is also accounted for, making reference to Weber's writings on the London and Berlin Stock Exchanges, and to investigations on contemporary financial markets. "Moral economy, as a set of rules which regulate market transactions, has been the object of much research and debate since the 1980s. Classical sociological authors such as Weber, Simmel, and Toennies also dealt with this subject. Weber in particular dwelt on the rules of the moral economy in the financial markets. This work sheds light on Weber's contribution, as distinguished from those of Simmel and Toennies. It also formulates two models of business relations, one oligopolistic and the other based on free competition, which are derived from Weber and Simmel's writings, and which represent alternative instances of the moral economy. It also shows the consequences on competitiveness in the world market that flow from the prevalence of the one model or the other. South Korea and Taiwan are here considered empirical approximations to these two models. Finally, the conduct of actors in some Leading financial markets is accounted for, with reference to Weber's writings on the nineteenth-century London and Berlin Stock Exchanges, and to investigations on contemporary financial markets." -- BOOK JACKET Moral economy, as a set of rules which regulate market transactions, has been the object of much research and debate since the 1980s; it has also been the focus of classical sociological authors such as Weber, Simmel and Toennies. Weber in particular examined the rules of the moral economy in the financial markets, and this volume sheds light on his contribution to the subject. The book formulates two models of business relations - one oligopolistic model, the other based on free competition - which are derived from Weber and Simmel's writings and which represent alternative instances of the moral economy. Empirical case studies in the form of South Korea and Taiwan are included to exemplify the two models and to highlight the consequences of adopting one model over the other. The volume also examines the conduct of actors in some of the leading financial markets, with reference to Weber's writings on the 19th century London and Berlin Stock Exchanges. Contents......Page 6 Preface......Page 8 Introduction......Page 12 1 Economic Communities, Business Milieux and Business Groups......Page 16 2 Toennies, Weber and Simmel: Their Contributions to Contemporary Research and Theories Concerning Economic Communities......Page 46 3 A Weberian Account of Social Norms and Trust in the Stock Exchanges and Other Financial Markets......Page 76 Conclusion......Page 110 Bibliography......Page 120 D......Page 138 K......Page 139 P......Page 140 W......Page 141 Z......Page 142 Moral economy, as a set of rules which regulate market transactions, has been the object of much research and debate, both in recent years and amongst classical sociological authors. Weber in particular examined the rules of the moral economy in the financial markets, and this volume sheds light on his contribution to the subject.