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Varieties of Hierarchies and Markets: An Introduction

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  • Hamilton, Gary G
  • Feenstra, Robert C

Abstract

The paper presents both a theoretical and an empirical argument that the concept of hierarchy needs to be reconceptualized. In our theoretical discussion we develop a synthesis between Coase's and Williamson's conception of a market/hierarchy dichotomy and Weber's distinction between economic power and authority. We hold that the authoritative aspects of hierarchies, especially within networks of firms, have independent effects on the formation of market economies. We empirically demonstrate the relevance of this reconceptualization in an analysis of the economies of South Korea and Taiwan. With these cases, we show that two different types of authoritative interfirm networks, one vertically and the other horizontally arranged, substantially shape the performance of these economies. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Hamilton, Gary G & Feenstra, Robert C, 1995. "Varieties of Hierarchies and Markets: An Introduction," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 4(1), pages 51-91.
    • Handle: RePEc:oup:indcch:v:4:y:1995:i:1:p:51-91
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    Cited by:

    1. Berkowitz, Daniel & Pistor, Katharina & Richard, Jean-Francois, 2003. "Economic development, legality, and the transplant effect," European Economic Review, Elsevier, vol. 47(1), pages 165-195, February.
    2. Rakesh Basant & Pankaj Chandra & Lynn Mytelka, 2001. "Inter-Firm Linkages and Development of Capabilities in the Indian Telecom Software Sector," Economics Study Area Working Papers 14, East-West Center, Economics Study Area.
    3. Yuan Lu & Eric Tsang & Mike Peng, 2008. "Knowledge management and innovation strategy in the Asia Pacific: Toward an institution-based view," Asia Pacific Journal of Management, Springer, vol. 25(3), pages 361-374, September.
    4. Nicola Lacetera, 2000. "Corporate Governance and the Governance of Innovation: the Case of Pharmaceutical Industry," KITeS Working Papers 122, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Dec 2000.
    5. Robert C. Feenstra & Tzu-Han Yang & Gary G. Hamilton, "undated". "Business Groups And Trade In East Asia: Part 2, Product Variety," Department of Economics 96-14, California Davis - Department of Economics.
    6. Mike Peng & Andrew Delios, 2006. "What determines the scope of the firm over time and around the world? An Asia Pacific perspective," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 385-405, December.
    7. Lee, Keun & Kim, Ji Youn & Lee, Oonkyu, 2010. "Long-term evolution of the firm value and behavior of business groups: Korean chaebols between weak premium, strong discount, and strong premium," Journal of the Japanese and International Economies, Elsevier, vol. 24(3), pages 412-440, September.
    8. Rodriguez, Carlos & Torres, Jose, 2020. "Central coordination and profitability in large Latin American business groups," Journal of Business Research, Elsevier, vol. 119(C), pages 599-609.
    9. Stark, David & Gernot Grabher, -, 1996. "A szervezett sokféleség evolúcióelmélet, hálózatelemzés és a posztszocialista átalakulás [Organizing diversity: evolutionary theory, network analisys, and postsocialist transformation]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 745-769.
    10. Daphne W. Yiu & Yuan Lu & Garry D. Bruton & Robert E. Hoskisson, 2007. "Business Groups: An Integrated Model to Focus Future Research," Journal of Management Studies, Wiley Blackwell, vol. 44(8), pages 1551-1579, December.
    11. Richter, Rudolf, 2001. "New economic sociology and new institutional economics," MPRA Paper 4747, University Library of Munich, Germany.

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