What makes a market in preindustrial societies? A comparative, spectrum-based analysis of Byzantium and the prehispanic Andes
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Abstract
This article reconsiders the nature of marketplace exchange in premodern economies
by comparing two distinct cases: the monetized system of the Byzantine Empire
and the exchange networks of the prehispanic central Andes. We compare these
two contrasting cases to explore the applicability of a spectrum-based approach to
markets. Drawing on theories from institutional economics, economic anthropology,
and political economy, the paper challenges the traditional market/non-market
dichotomy that has long dominated the field. By adopting a comparative and
interdisciplinary methodology, we argue for a more flexible and integrated framework
that recognizes the diversity and embeddedness of exchange systems across
cultures. Using archaeological and historical evidence, we examine how coin-based
markets in Byzantium coexisted with legal institutions and state infrastructure,
while Andean exchange, though largely lacking formal currency or marketplaces,
often relied on socially embedded networks. Our study demonstrates that marketlike
behavior does not require monetization or formal institutions and that both
regions offer valuable insights into the resilience and variability of preindustrial
markets and economic systems. This analysis contributes to broader debates
in economic archaeology and history by reframing what constitutes a “market”
and advocating for a spectrum-based understanding of exchange mechanisms
across time and space.
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