Globalisation and the Institutional Re-embedding of Markets: The Political Economy of Price Formation in the Bordeaux En Primeur Market

  title={Globalisation and the Institutional Re-embedding of Markets: The Political Economy of Price Formation in the Bordeaux En Primeur Market},
  author={Colin Hay},
  journal={New Political Economy},
  pages={185 - 209}
  • C. Hay
  • Published 1 June 2007
  • Economics
  • New Political Economy
The political economy literature is deeply divided on the impact of globalisation on the process of price formation in markets for traded goods. On the one hand, those aligning themselves with neoclassical positions tend to associate globalisation with both deregulation and the institutional disembedding of such markets. Globalisation, in such accounts, is an agent of convergence, cleansing markets of their rigidities, their institutional distinctiveness and their associated inefficiencies. It… 
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