Von der Markttheorie zur Empirie längerfristigen Märktewandels

This paper forges links between a dynamic theory of markets and the reality of long term market changes. Goods are seen as being linked to the range of actions which they make possible. Thus it can be shown that the evolution of markets is closely connected with changing knowledge and property rights. The internationalization of markets as a consequence of declining costs of transportation and communication is also dependent on this socioeconomic coevolution. This is illustrated by an examination of the market changes which have occured from the era of Industrial Revolution to the globalized markets of the present day.