The Practice of Defining Markets: A Comment on Charles W. Smith

The article presents a comment on Charles W. Smith's article "Markets as Definitional Practices." It states that Smith's write up discusses the function of markets in the society. Here, it provides a definition of markets, the types of market and how markets may emerge. According to the author, market is a social structure for exchange of rights which enables people, businesses and products to be priced. He emphasizes that the idea of Smith to study markets in a longitudinal design is the only viable approach to understand the factors underpinning the emergence of market. He agrees on the claim of Smith that market activities affect the other parts of social life.