Toward a Theory of Modern Markets

Postulates that advances made in marketing, particularly in the USA, have only served to highlight shortcomings in this discipline particularly the absence of central theories and related general principles. Discusses how markets have evolved as socio‐economic processes and means intended to satisfy people's and organisation's needs through trading or exchange transactions – though markets have existed for as long as history is recorded. Contrasts the evolution of market theory and the differences between people of varying areas and cultures and examines theses in depth as: primitive markets (pre‐Columbus period in the USA); traditional markets; merchant trader markets (1500 to 1776); and free competitive markets (late 1700s); mixed markets (middle 1800s). Illustrates, in tabular format, the influence of forces and conditions inhibiting market functions, thereby complementing cases used in earlier discussion. Summarizes that a step has been taken towards progressing a theory of modern markets – particularly regarding the north American area.