This website uses cookies to ensure you have the best experience. Learn more

A Tribute To Oliver Williamson Essay

4619 words - 19 pages

A TRIBUTE TO OLIVER WILLIAMSON:

Institutions, Politics, and Non-Market Strategy

Rui J. P. de Figueiredo, Jr.

liver Williamson is best known for his contributions to economics, and particularly to our understanding of how private firms are defined, operate, and change. Williamson’s primary application addressed the question of why some economic transactions were organized within a private firm, while others took place outside of a firm, in the market. Despite this focus, Williamson’s reach and impact has extended far beyond the domain of private firms and markets. Certainly suitable for a scholar who has been so vocally interdisciplinary in his approach to the study of institutions and ...view middle of the document...

The recognition of the broad reach of Williamson’s insights has led to application in other fields. Perhaps one of the most well developed is the realm of public organization—what has come to be known as transaction cost politics. As Dixit notes, “Transaction-cost politics views . . . policy-making as a political process constrained by asymmetric information and limited commitment possibilities.”1 Many of the ideas, concepts, and frameworks developed by Williamson are directly applicable to the study of policy-making and policy-executing organizations. As with applications to economics, transaction cost logic applied to politics also focuses on (bilateral) dependencies between actors engaged in political transactions—whether they be governments or firms.2 In a political world where third-party enforcement of agreements is not always possible (consider how nations may enforce international agreements) and where organizational Rui J. P. de Figueiredo, Jr. is an Associate Profesoptions may be constrained (consider the sor at the Haas School of Business and in the Department of Political Science at the University types of financial incentives that may be of California at Berkeley. provided to civil servants versus employees of private companies), problems of incomplete contracting (the inability to write down and enforce completely specified agreements to govern transactions, economic or political) and credible commitments (the importance of institutions that limit post-agreement renegotiation and opportunism) become both severe and unique. This in turn suggests that political organization may be governed by the same principles outlined by transaction cost logic, but with broader implications than for private firms. Notably, Williamson’s approach for understanding political organization goes beyond normative and positive questions of public policy and the design of public institutions. In the realm of economics, Williamson’s approach has had foundational contributions to the study of firm, which in turn has provided important prescriptions in the field of strategy, for scholars and practitioners alike. As Salomon notes, “Transaction cost economics is a central theory in the field of strategy. It addresses questions about why firms exist in the first place . . . , how firms define their boundaries, and how they ought to govern operations.”3 In the same way, Williamson’s contributions to the study of public organization also have important implications and guidelines for scholars and executives attempting to gain traction on questions of non-market strategy. In contrast to voluntary economic exchange, which characterizes the market environment of firms, the non-market environment encompasses the political, social, and legal context in which the firm operates.4 In many settings, how firms influence and interact with their non-market environment—their non-market strategy—can have substantial implications for both the effectiveness of their market strategy and the...

Other Papers Like A Tribute to Oliver Williamson

Oliver Twist’s Will to Survive Essay

2739 words - 11 pages Oliver Twist’s will to survive Oliver Twist is one of the most famous novels Charles Dickens ever wrote. It is a tale of childhood innocence, surrounded by evil; whereby, it portrays the dark unlawful mob of a London, occupied by strong and unforgettable characters. It is a timeless rags-to-riches story about an orphan, who has to navigate his way across a city full of criminals, and stay away from being corrupted. Oliver Twist's will to

Fate of Cockroach Essay

2560 words - 11 pages OLIVER TWIST Charles Dickens Plot Overview Oliver Twist is born in a workhouse in 1830s England. His mother, whose name no one knows, is found on the street and dies just after Oliver’s birth. Oliver spends the first nine years of his life in a badly run home for young orphans and then is transferred to a workhouse for adults. After the other boys bully Oliver into asking for more gruel at the end of a meal, Mr. Bumble, the parish beadle

Prioritizing Projects at D. D. Williamson

1316 words - 6 pages process of prioritizing at D. D. Williamson. Recommendations to improve the prioritizing process would be for them to achieve a sense of balance by using portfolios, allowing a balance between the small and large projects, alternating between high and low risk projects. These projects could be grouped together to be collectively managed. By using portfolios, this alignment identifies, selects and prioritizes projects to help achieve

Cirque Du Soleil - Managerial History and Use of the Blue Ocean Strategy

925 words - 4 pages (Williamson 3). This added value has come to captivate adults, most of which had not been to a circus since their youths and has also provided them with a reason to come back more frequently, thus creating a committed client base and increasing revenues. In its analysis of the traditional circus industry, Cirque found that the appeal came down to three factors, including the clowns, the tent, and the classic acrobatic acts. Cirque kept the clowns, but

A Comparison Of Great Expectations And Oliver Twist

1814 words - 8 pages abuse. For example, while suffering from starvation and malnutrition for a long period of time, Oliver was chosen by the other boys at the orphanage to request more gruel at dinner one night. After making this simple request, "the master (at the orphanage) aimed a blow at Oliver's head with the ladle; pinioned him in his arms; and shrieked aloud for the beadle."3 The beginning of Oliver Twist's story was created from memories which related to

Technology Affecting Families

662 words - 3 pages watching lots of TV, surfing the Internet and playing video games.”(Williamson) Too much screen time is triggering kids to get desensitized and then kids can’t focus on the simplest task like reading a book. Playing video games so much these days is causing the reading skills to decline

Company Delamere Pottery Limited

1014 words - 5 pages Company Delamere Pottery Limited, which produces earthenware tableware, founded in 1997 after obtaining assets of T.G. Delamera & Co ltd. Company acquired a functional structure to better support the increase in turnover (Williamson et al., 2004, p. 53) in new markets areas that offer greater margins. To enhance the competitiveness, company launched a new strategies in business, marketing and finance mainly to increase gross margins by 10% and

Dd Wiliamson

1097 words - 5 pages Critique the prioritizing process at D. D. Williamson A company that was founded in 1865, Douw Ditmars Williamson (D. D. Williamson) has grown from a small local company owned by a Dutch immigrant to one of the world’s leading providers of caramel and natural colorings for food and beverage products. Today, they have nine natural coloring operations on five continents (DDW, 2013). The emphasis of this case study is to review the process in

The Insider Movie

1443 words - 6 pages The Insider (1999) is a film rife with ethical dilemmas, suspense and controversy. It is based on a true story related to a 1994 episode of the CBS news show 60 Minutes that never aired. The plot puts Dr. Jeffrey Wigand (Russell Crowe) at odds with Brown & Williamson, the third largest tobacco companies in the country. Wigand was fired from his position as Vice President of Research and Development, at which he was instructed to hide

Oliver Twist and Tom Sawyer

575 words - 3 pages Compare and contrast the situations that Oliver Twist and Tom Sawyer are in. Tom and Oliver are two boys at the same age. Both had lost their mothers very early in their lives. Oliver lived his first 9 years in an orphanage and was then moved to a workhouse for adults. There he suffers from hunger and bad living conditions together with other boys. He has no family and no real friends. Tom on the other hand was taken care of by his aunt and

A Great Speech

701 words - 3 pages Cape Town, this city which has been my home for three decades. Your mass marches and other forms of struggle have served as a constant source of strength to all political prisoners. I salute the African National Congress. It has fulfilled our every expectation in its role as leader of the great march to freedom. I salute our President, Comrade Oliver Tambo, for leading the ANC even under the most difficult circumstances. I salute

Related Essays

Prioritizing At Dd Williamson Essay

1022 words - 5 pages Prioritizing Projects at D.D. Williamson HRM 517 October 23, 2011 Prioritizing Projects at D.D. Williamson This paper will critique the prioritizing process at D.D. Williamson; suggest one recommendation to improve the prioritizing process, a scenario to discuss where the implemented process at D.D. Williamson would not work, and a long term goal of five years from now speculating whether or not D.D. Williamson will be using

Case Study 1: Prioritizing Projects At D.D. Williamson

1214 words - 5 pages a result lead to missed opportunities, or resulted in going over the allocated budget. Within the organization of D.D. Williamson, there appeared to have been a breakdown in communication, which blinded the organization in determining projects that needed the most attention. Through the process of the organization’s investigation, which took approximately three years, leaders realized the they had no accurate system in place for marking the

Human Resource Essay

763 words - 4 pages Critique the prioritizing process at D.D. Williamson D.D. Williamson was founded in 1865 and has grown into a multi-billion dollar global organization. It has nine natural coloring operations in five continents. With that being said this means that nothing but quality and execution is expected out of D.D. Williamson. According to Case Study 2 “Prioritizing Projects at D.D. Williamson”, D.D. Williamson uses Outlook to database to keep track of

Book Report

377 words - 2 pages Tiarah Bissonette P4 Oliver Twist Charles Dickens 1. Summary: This story was about a boy named Oliver Twist who was a orphan after his mom died while she was giving birth to him and then he moved to London. Then while he was in London he was kidnapped by John Dawkins and then later escapes. Then, later is mixed in with these mass murders and opens up Oliver eyes to see how bad of people they are. Oliver is now a trouble maker and has