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Relational Contracting in Practice: A Route to Relational Economics?

In: The Relational View of Economics

Author

Listed:
  • Tim Cummins

    (Leeds University Business School)

  • Sally Guyer

    (Durham University Business School)

Abstract

In 2016, when awarding the Nobel prize for Economic Sciences, the awarding committee observed that ‘Modern economies are held together by innumerable contracts’. It, therefore, seems logical that relational economics could be supported—and perhaps enabled—by relational contracts. In this chapter, we suggest that the emergence of the networked world has in essence already created the core framework for a relational economy, but this shift is currently frustrated by the lack of institutions, procedures and rules necessary for its management. Relational contracting may provide the missing link and prove to be a catalyst for change, but first we must be clear about what is meant by relational contracting. The definition of ‘relational contracts’ remains imprecise and traditional legal and economic theory appears to recognize that this may take several forms. This chapter explores the current state of relational contracts (an artefact) and relational contracting (a process) and suggests that emerging technologies provide an opportunity for new thinking and to turn relational economics from theory to practice.

Suggested Citation

  • Tim Cummins & Sally Guyer, 2022. "Relational Contracting in Practice: A Route to Relational Economics?," Relational Economics and Organization Governance, in: Lucio Biggiero & Derick de Jongh & Birger Priddat & Josef Wieland & Adrian Zicari & Dominik Fischer (ed.), The Relational View of Economics, pages 229-245, Springer.
    • Handle: RePEc:spr:recchp:978-3-030-86526-9_12
    DOI: 10.1007/978-3-030-86526-9_12
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