bazaar economy

is an economy in which individual traders do not trust one another, rarely cooperate, and spend much of their energy trying to outwit each other.

The bazaar economy, as Geertz calls it, is dominated by individual traders who spend much of their energy trying to outwit each other. These traders do not trust one another and rarely cooperate... the very idea of joining together in a collective enterprise such as the firm is alien to them.' (Principles of Economic SociologyBy Richard Swedberg' In what Geertz calls a ''communication model of the bazaar economy,'' the scarcity of information about commodities and prices creates techniques and shapes

bazaar economy, n.All

bazaar economy