Beyond the One Best Market: An Essay on Trans-Economic Exchange Rates

ԲԱՆԲԵՐ: Bulletin of the Yerevan State University, Vol. 130, No. 5, pp. 66-79, 2010

20 Pages Posted: 8 Nov 2011 Last revised: 13 Aug 2015

See all articles by Steffen Roth

Steffen Roth

La Rochelle Business School; University of Turku

Date Written: 2010

Abstract

We routinely trust organizations that convert belief, truth, health, power, or beauty into money. Nonetheless, we know almost nothing about the corresponding exchange rates. Based on a system theorist concept of functional differentiation and the Bourdieu economic forms of capitals, the paper presents strong evidence for the existence of non-economic markets for the mentioned values. The conclusion of the paper is that organizations with a more polyphonic, non-reductionist self- and market concept can act strategically as change agencies between those 'markets of society', i.e. they can influence the exchange rates between economic and non-economic values in terms of trans-political trade cycle politics.

Keywords: sociology, exchange rates, Luhmann, Bourdieu, market, markets, systems theory

JEL Classification: A13, A14

Suggested Citation

Roth, Steffen, Beyond the One Best Market: An Essay on Trans-Economic Exchange Rates (2010). ԲԱՆԲԵՐ: Bulletin of the Yerevan State University, Vol. 130, No. 5, pp. 66-79, 2010. Available at SSRN: https://ssrn.com/abstract=1956450

Steffen Roth (Contact Author)

La Rochelle Business School ( email )

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La Rochelle, 17024
France

University of Turku ( email )

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Turku, 20014
Finland

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