Globalizing Restricted and Segmented Markets: Challenges to Theory and Values in Economic Sociology

Abstract

Studies of globalization and immigration will benefit by taking into account the relationship between goals, means, and outcomes. In this article, the author introduces the term pernicious competition as an alternative to the better known concept of market failure to more accurately describe what happens when vital human needs are not efficiently met as a result of global competition. The extended protections of intellectual property in new free trade agreements are an example of market segmentation being used to raise the prices of and reduce access to vital drugs for treating patients with HIV-AIDS. Vital public goods and services should be made distinct from technical public goods so that the dangers of pernicious competition in markets that benefit dominant suppliers or buyers can be identified and the concept of a moral economy can be developed.

Keywords

economic sociology globalization public goods markets market ethics HIV-AIDS CAFTA

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