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9. Market and competition in a pre-industrial society
The emergence of the market in a pre-industrial society is associated with the emergence of a social division of labor. Already at the dawn of civilization there was a major division of labor between agricultural and pastoral tribes. The market is a specific way of organizing economic activity, where economic relations between people act as relations between goods or things. The equivalent value of such relationships is money.
Historically, the market was formed gradually and was initially associated with the retail trade in products and some household goods. For such trade, special places were allocated in the squares and busy streets of settlements. A market of this kind is often called a bazaar, and in this form it has survived to this day. However, in the future, the concept of "market" acquired a broader meaning, and by this concept, we mean a market economy.
In a market economy, all market entities act separately and act in relation to each other as competitors. However, according to Karl Polanyi, "competition in a pre-industrial society is out of the question."
Under economic competition understand the competition of economic entities in the market for the preference of consumers in order to obtain the greatest profit. Competition is a necessary and essential element of the market mechanism, but its nature and forms differ in different markets and in different market situations. In a market economy, competition is an important mechanism of economic relations between producers and consumers.
If more goods are delivered to the market than buyers are able to purchase, then sellers will fight for the buyer, while lowering prices. If fewer goods are delivered to the market than the buyers are willing to purchase, then the latter will compete for the seller, thereby raising prices.
Competition provides a significant economic effect, stimulating price reduction, improving the quality and range of products, introducing scientific and technological achievements, etc.
There are four conditions for the emergence of competition in the economic market:
▪ the presence on the market of a large number of manufacturers of any specific product or resource;
▪ freedom of choice of economic activity of producers;
▪ there is a correspondence between what determines demand and what determines supply;
▪ presence of a market for means of production.
Speaking about the advantages of competition and the market as a whole, one should not forget about their negative aspects, as well as those problems that they cannot solve by their nature.
Author: Ilyina V.N.
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