RICHARD L. SANDOR: Um Construtor Coseano de Mercados by Ihering Guedes Alcoforado

RICHARD L. SANDOR

RESUMO

Nesta nota apresento Richard L. Sandor como uma expressão emblemática do construtor coseano de mercado. Inicialmente introduzo a visão de Ronald Coase dos mercados, como destaque para sua compreensão do mercado como uma construção social. Em seguida sistematizo a visão teórica e a prática de Richard L. Sandor, enquanto um construtor de mercados. Na conclusão insinuo as possibilidade de conceber-se, formular-se e implantar-se políticas públicas como construção de mercados.

1. Ronald Coase e a Construção Social dos Mercados

O ponto de partida de Coase é que “[…] markets appear to work so effortlessly that many of us take their existence and operation for granted. But they are human creations.” [COASE, IX] E uma criação humana particular,que não deve ser confundida como uma criação meramente teórica, tal como expressa por Alfred Marshall:

“ The demand and supply schedules, which Alfred Marshall referred to as the two blades of the price scissors, are theoretical constructions.” [COASE, 2009: ix]

E, entende que quando se restringem a manipulação da realidade estritiamente teorica ( theory-driven subject) o resultado é a consideração e operação da economia como a economia do quadro negro (blackboard economics).

” While we cannot conduct economic reasoning without certain basic concepts and some relevant theories, economic reasoning cannot be all and only about a theoretical world and detached from the real economy. Unfortunately, modern economics for the most part has become a theory-driven subject. I have referred to this kind of economics as blackboard economics.”[COASE,2012: x]

E é pelo acima exposto que ele recomenda que os

“[…] economics professors can proudly and conveniently teach it to students in the classroom without obliging themselves and their students to investigate how the real economy works.[COASE, 2009: x]

Ao mesmo tempo em que ele (Coase) sempre se posiciona como critico dos economista com relação ao mercado e seu argumento é sempre associado a uma denuncia da inclinação dos seus colegas abstraírem-se da realidade institucional e material:

“Although economists claim to study the working of the market, in
modern economics, exchange takes place without any specif cation of its
institutional setting. When economists say that the market works, what
usually comes to their mind is a diagram in which the demand schedule intersects the supply schedule, giving rise to the equilibrium point at “[COASE, 2009:. ix/x]

O ponto de partida do R Coase é que “[…] the markets do not exist automatically”, tal como as esferas administrativas. E,é desse fato que ele fundamenta uma das suas críticas aos economistas, quando afirma que

“When economists discuss the choice between the pricing mechanism and administrative ordering, they usually assume that the two choices are readily available, not so diff erent from the situation in which a consumer decides which car to purchase, a Toyota or General Motors. But as Dr. Sandor shows, the creation of markets is a lengthy struggle, full of surprises and uncertainties.” [COASE, 2009: x]

Em função do acima exposta a visão de Ronald Coase dos mercados tem afinidades eletivas com a nova sociologia do conhecimento que emana de Bruno Latour, no que revela uma certa inclinação etnográfica, a exemplo da manifestada nos seus comentários sobre o livro do seu discípulo e amigo Richard S. Sandor (o doador dos recursos que estruturou o Sandor/Coase Institute da Faculdade de Direito da Universidade de Chicago) o qual o considera como um “market maker”:

Em função do entendimento que Coase tem do mercado, ele considera como positivo no livro de Sandor

“[…] ”details the endless meetings and exhausting negotiations that he held with other entrepreneurs, lawyers, and financiers, as well as government ofcials and regulatory agents in the process of creating those markets. This account opens a window to the complex reality of market making in the real world. It brings to light what is really involved when economists say that the market mechanism is used in resource allocation.” [COASE, 2009: x]

Em resumo para Coase

“Markets are social institutions that exist to reduce the cost of carrying out exchange transactions and thus facilitate exchange and the division of labor. An important source of such costs in creating new markets
is convincing the potential benef ciaries as well as the regulators of the
economic value of the exchange that will be facilitated by the new markets. While it is obvious that a grain market benef ts both consumers and
farmers, it requires far more effort and ingenuity to convince the public of the value of a market for carbon dioxide emission rights, a market
for climate exchanges, or a market for interest rate futures […] The creation of new markets is frequently complicated and sometimes even thwarted by ideological enmity, political
resistance, fear of uncertainty, or mere ignorance”[COASE, 2009: X/XI]

E enquanto uma criação, ele considera a criação de mercados como um empreendimento social donde se afastar das premissas do invidualismo metodológicos que considera os agentes não como “machine-like atomistic agents”, preferindo considerá-los como “social animals”. Eis suas palavras:

“[…] It requires the collective actions of many individuals, organizations, and government agents. As in all collective efforts, human relations matter. The market does not and cannot reduce flesh and blood people with distinct identities into machine-like atomistic agents. Market participants certainly calculate and reason; but they remain social animals. The operation of the market also requires complicated rules and structures, which in turn requires concerted efforts and planning. Rules and norms are frequently needed. Many such rules and norms are self-enforced. But the state is often involved in enacting rules and providing credible third-party enforcement.”

Resumindo: Ronald Coase aponta para um realismo não só na representação da economia, mas também da sociedade subentendida nas análises dos economistas.

2. Richard Sandor: A Visão Teórica e a Prática Social na
Construção dos Mercados

BIBLIOGRAFIA

SANDOR, Richard L.,Good Derivatives: A Story of Financial
and Environmental Innovation. John Wiley & Sons, Inc, 2012

COASE, Ronald, Preface IN SANDOR, Richard L.,Good
Derivatives: A Story of Financial
and Environmental Innovation. John Wiley & Sons, Inc, 2012 pp. ix/xi

Sandor, R. L. (1973). Innovation by an Exchange: A Case Study of the Development of the Plywood Futures Contract. The Journal of Law and Economics, 16(1), 119–136.

Sandor, R. L., & Sosin, H. (1980). Inventive Activity in Futures Markets: A Case Study of the Development of the First Interest Rate Futures Market. American Journal of Agricultural Economics, 62(5), 1044.doi:10.2307/1240310