The Initial Conceptualization Of The Market Book Review Example

Type of paper: Book Review

Topic: Market, Capitalism, Law, Reason, Growth, Competition, Opportunity, Business

Pages: 4

Words: 1100

Published: 2020/10/13

Analysis of Opportunity to Imperative


A market is an institution that has two characteristics; offering and choice. The conceptualization of a market defines itself by rules that are universal in tradition, and that is immutable. These rules govern the market forces. The forces work in a rational economy that balances the essence of the demand to that of supply. Capitalism came to suffice the demand for material life and social reproductions that are the building stones for an imperative market that stands termed as “fetishism of the commodity” (Wood and Larry 15).
Although capitalist market stands as a compulsive feature, it is not what it vouches for is an opportunity. The availability of opportunity and the idea of buying a product and selling it dear and giving the consumer a choice to determine interest from a range of products shows the free nature of capitalistic markets. Conceptualization of the market traces from the old age where opportunity existed, but had not specialized. Growth came when cities became autonomous because of products that existed solely in these cities, for this reason, giving rise to the labor specificity (Wood and Larry 23).
Initially feudalism gave rise to capitalism and accumulation of surplus value in market institutions. Capitalism compelled people indirectly to enter markets and buy from producers. Capitalism puts consumers in positions that convince able in order to pursue competition and capital accumulation through profit maximization. It is imperative to notice that it became necessary for the market growth to capitalism because of the demand, the supply competition and specialization in different trades.


These times great assumptions are made concerning the growth of markets. The arguments are that capitalism has no beginning; it exists from the very first times of market establishment. The denial of history is a recurring factor in the market industry. The modernists are insistent on denying that epochal novelty that exists with specificities for the claims made. The characteristics in market operations from the old age, the rules involved, as well as the market forces and the rationality of the economy are the same ones presently seen.
Modernity and the rationalization that comes with it affect what people perceive as a change. It is vital to know that rationalization denies the growth from old time’s capitalism to the modern capitalism and to view it as a growth process (Wood and Larry 46). Instead, modernism is viewed as a process that is on a different plane to capitalism of the past. The technology may have transformed, but the process remains the same, the institutional forces, and the rules that bind them remain the same too.
Enlightenment, however, is viewed as the turning point of modernity instead of as a stepping stone to modernism consequently the mother to modernism is capitalism. These two features share a commonality; the commonality is that obstruction of the market that could have the same effect as it can have now. As the market was in the past in the feudalism era when the Royals had control over the land is still the same now when politics affects the institutions. Also, it is the still the same when the taxes and the social reproductions with a direct effect on material life. These are features that are existent and affect the market segment as before (Wood and Larry 180). It is important to note that even producers back in the past contributed to the market, even though, the specialization issue affected them.

The notion of market independence

Market independence has a lot to do with how we think about it and the possibilities and impossibilities that affect its independence or its dependence. Capitalism is an imperative; it is necessary and not an opportunity (Wood and Larry 46). The market is an independent institution that coerces its users into using it and not the other way round. For the functions of labor, it is imperative that the market is used capitalistically in order to accumulate the appropriate additional value.
Politics, on the other hand, is a management figure that is meant to act as a watchdog on the rules governing the marketing institutions. It manages the accumulation and not the competition. It watches the circulation and not the production and finally it is important to note that competition is not obsolete. Dependence is available in many and different levels. The market depends on spheres of production, competition, and property relationship. There are consequences for politics. When markets are enabled, and the state is used as an intervention in means of tax in order to stimulate consumption. These policies destroy productivity and profitability (Wood and Larry 112).
Neoliberalism and Keynesian policies, for this reason, cannot match capitalism in economic management; for this reason, limits the market from reaching its full potential. Free enterprise, on the other hand, works on the market dependence, and in turn this policy makes way for productivity and profit making. The market, for this reason, works capitalistic even though it has its problems. For this reason, capitalism works best with the sources and the consumers, but is still an independent institution that can cause great loss if control is implied in it.

Work Cited

Wood, Ellen M, and Larry Patriquin. The Ellen Meiksins Wood Reader. Leiden: Brill, 2012.

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"The Initial Conceptualization Of The Market Book Review Example," Free Essay Examples -, 13-Oct-2020. [Online]. Available: [Accessed: 18-Jul-2024].
The Initial Conceptualization Of The Market Book Review Example. Free Essay Examples - Published Oct 13, 2020. Accessed July 18, 2024.

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