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Transacting in the State of Union: A Case Study of Exchange Governed by Convergent Interests

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  • Peter Smith Ring

Abstract

Transaction cost economics (TCE) treatments rarely devote extended consideration to the comparative advantages of non‐contractual governance. This paper focuses on one form of non‐contractual alternative. After addressing the concept of a `state of contract' as it may be inferred from TCE theory. I offer an alternative, `the state of union', in which the parties to an exchange can have their cake (efficient production frontiers) and eat it too (equitable outcomes without costly safeguards). An application of the concept is presented in a case study. The paper concludes with an assessment of implications of the argument for scholars and managers.

Suggested Citation

  • Peter Smith Ring, 1997. "Transacting in the State of Union: A Case Study of Exchange Governed by Convergent Interests," Journal of Management Studies, Wiley Blackwell, vol. 34(1), pages 1-25, January.
    • Handle: RePEc:bla:jomstd:v:34:y:1997:i:1:p:1-25
    DOI: 10.1111/1467-6486.00040
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    Cited by:

    1. Adobor, Henry, 2006. "The role of personal relationships in inter-firm alliances: Benefits, dysfunctions, and some suggestions," Business Horizons, Elsevier, vol. 49(6), pages 473-486.
    2. Ariño, Africa & de la Torre, Jose & Ring, Peter S., 2001. "Roles played by relational trust in strategic alliances," IESE Research Papers D/432, IESE Business School.
    3. Paul S. Adler, 2001. "Market, Hierarchy, and Trust: The Knowledge Economy and the Future of Capitalism," Organization Science, INFORMS, vol. 12(2), pages 215-234, April.
    4. repec:dau:papers:123456789/2422 is not listed on IDEAS
    5. Ariño, Africa & de la Torre, Jose & Ring, Peter S., 1999. "Relational quality: A dynamic framework for assessing the role of trust in strategic alliances," IESE Research Papers D/389, IESE Business School.
    6. Young, Greg & Sapienza, Harry & Baumer, David, 2003. "The influence of flexibility in buyer-seller relationships on the productivity of knowledge," Journal of Business Research, Elsevier, vol. 56(6), pages 443-451, June.

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