The Organization of Markets

Markets have sometimes been described as vastly different from and even opposite to formal organizations. But markets and organizations share a similarity as well. Both are organized - by the use of decisions on membership, rules, monitoring, sanctions or hierarchy. Market organization creates differences among markets, and specific dynamics, which can be explained by the actions and interactions of market organizers: profiteers, others', sellers and buyers. The concept of market organization is an analytical tool, which can be used for analysing why and how markets are created, why they get their specific form and how they change.