Pub. date: 2007 | Online Pub. Date: September 25, 2007 | DOI: 10.4135/9781412952637 | Print ISBN: 9780761923879 | Online ISBN: 9781412952637| Publisher:Sage Publications, Inc.About this encyclopedia
Historically, markets were places where numerous sellers and buyers met to exchange goods against payment of a quid pro quo. This implied the physical presence in the marketplace of the parties to a sales transaction as well as of the goods sold. Such markets are in existence still today. Due to the development of transportation and communication technologies, however, markets are no longer necessarily attached to specific places. They no longer require the physical presence of the market participants, and they are no longer limited to exchange transactions involving goods. Present day markets are delocalized in nature. The parties to an exchange transaction may contact each other by using modern means of telecommunication (the Internet) and the market transaction's subject matter is no longer limited to physical products (goods) but may also include any kind of intangible product (such as services) as well as factors of production (such as capital ...