that other uses may have some validity too.
             The reference to the institutionalisation of commodity exchanges emphasizes that markets are not spontaneous products of exchange activity but are socially constructed - and as Abolafia adds, constructed by skilled and specialised actors (Abolafia, 1996). Hodgson further distinguishes market exchanges from exchanges of commodities made outside markets through some other sphere of activity - or 'non-market exchanges' (1988, p.177). An example of the latter would be occasional commodity exchanges between firms linked together by complementary asset specificities that have developed over long periods. Such exchanges are a significant feature of market economies, though highly elastic concepts of markets allow the difference between them and market exchanges to pass unnoticed.3
             Concepts of markets differ in their degree of inclusiveness. Markets may be defined narrowly in terms of routinised buying and selling under competitive conditions, or inclusively to embrace not onl
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