The Economic Institutions of Capitalism: Firms, Markets, Relational ContractingThis sequel to Markets and Hierarchies develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labour as well as to the corporation itself. In addition, Williamson explores its growing implications for public policy, including its potential influence on antitrust and merger guidelines, labour policy, and SEC and public utility regulations. |
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adaptations agreement alternative arbitration argument assessment asset specificity Assume attributes bargaining behavior benefits bilateral bounded rationality buyer capital capitalist CATV ceteris paribus Chandler Chapter Communal-emh comparative institutional competition complex condition contract renewal interval corporation decision described developed discussed economic organization economies of scale effects efficiency efforts employees ex ante ex post exchange expropriation favor firm forward integration franchise bidding golden parachute governance structures hazards hierarchy high-powered incentives hostage human asset industry innovation Inside Contracting interest internal organization investments issues kind labor M-form manufacturers merger microanalytic modes monopoly natural monopoly node nomic observed operating organizational ownership parties posed presumably price discrimination private ordering problems purpose technology Putting-Out Putting-Out system realized reference relevant respects responsible safeguards Schwinn specific assets strategic supplier supply stage theory tion trading transaction cost economics transaction-specific uncertainty unions vertical integration Williamson workers