Insights from a Theory of Entangled Political Economy
- New Thinking in Political Economy series
Chapter 7: Societal tectonics and the art of the deal
AbstractThis chapter explains that collectively organized economic activity is transactional in nature, as those activities are instances of a generalized “art of the deal.” To be sure, transactions assembled with political participation are governed by different institutional arrangements from transactions among private entities. Market transactions are at base reducible to dyadic interactions. In contrast, political transactions are necessarily triadic. This difference in transactional structure generates a continual flow of societal tectonics of varying magnitudes, but which are baked into the cake, so to speak, all the same.
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