Aniket, Kumar; (2024) Markets, Space and Infrastructure. In: Banerji, Bidisha and Sharma, Sheetal, (eds.) Public Policies and Business Strategies in India and Europe: Ideas for a Sustainable, Inclusive and Resilient Society. Springer (In press).

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Abstract

The chapter explores the relationship between markets, space and infrastructure through an interdisciplinary lens. There are two competing conceptualisations of space, i.e., the Cartesian space and the social space as conceived by Lefebvre (1974). Economics assumes that markets operate over Cartesian space. To explore the relationship between market and space, we break down market transactions into its four spatial flows, i.e., the flow of information about the price and quality of the goods and the actual flow of goods and money between buyers and sellers. We define market-space as a contiguous social space between all potential buyers and sellers through which these four spatial flows occur. Our main argument is that the pre-requisite for a well-functioning market is a market-space that has public good characteristics. Further, we use the notion of Lefebvrian social space to understand the key role transport and telecommunication infrastructure play in creating a conducive market-space that can support the markets and explore why some remote areas are not able to access certain markets.

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