These look at the impacts of a particular form on larger markets, rather than technical characteristics of how buyers and sellers interact.
This article does not discuss the political impact of any particular system nor applications of a particular mechanism to any particular problem in real life.
[citation needed] The market itself provides a medium of exchange for the contracts and coupons and cash to seek prices relative to each other, and for those to be publicized.
Market systems are more abstract than their application to any one use, and typically a 'system' describes a protocol of offering or requesting things for sale.
Banks, themselves, are often described in terms of markets, as "transducers of trust" between lenders (who deposit money) and borrowers (who take it out again).
In The Economics of Innocent Fraud, Economist John Kenneth Galbraith criticized the concept of the "market system" as nonsensical and as a weasel word intended to replace the term "capitalism", but which does not specify anything specific.
Roger Layton defines a marketing system as "a network of individuals, groups and/or entities, embedded in a social matrix, linked directly or indirectly through sequential or shared participation in economic exchange, which jointly and/or collectively creates economic value with and for customers, through the offer of assortments of goods, services, experiences and ideas, that emerge in response to or anticipation of customer demand".
[7][8] Marketing systems can be rudimentary or complex, emergent or purposefully designed, spatio-temporal or virtual; these can also be aggregate, parallel, symbolic,[9] dignity-based[10] and chrematistics-driven.
Layton argues that marketing systems emerge as localised exchanges grow in scope and become stabilised while specialisation expands, and in addition, as key structures become formalised.