Norms of exchange

Abstract

People enter into exchanges in modern economies to get what they want. Consequently norms about exchanges are mainly norms to see to it that they get what they want. To analyze the variations in exchange norms, then, we have to start with a typology of what people want in exchanges. I propose that the main dimensions of wants that affect the norms of exchanges are continuity of exchange (continuous to intermittent), productive purpose (from satisfaction directly from the object or service exchanged to use of the object or service in a productive system), and conditionality or adaptiveness (from wanting something unconditionally to wanting it under some conditions, which in turn may be 'on demand' – e.g. wanting the money in one's checking account (i.e. current account) – or specified – e.g. on the death of the insured).