“With ‘Relational Economics’ Josef Wieland has produced a convincing and very well-informed book that combines various areas within the economic description of economy and society on a level of highest confidence”, observes Marc Hübschner in his critical acclaim. He further appreciates the complexity and density of Josef Wieland’s reasoning and adds that it was impossible for the reviewer to describe this in full, stating that this excellent book certainly contains more interesting passages.
Marc Hübscher picks out two points in the book that should be given further consideration: firstly, the relational rent that, in his view, is a robust continuation of the co-operational rent in its simultaneous meaning and impact on economy and society and suggests that, due to its political correlation, “Management and Normativity” could clearly be included in the political theory of the organisation; secondly, he advocates that a ‘Theory of the Firm’ within ‘Relational Economics’ should be further elaborated or, in other words, he suggests framing a clearer understanding of the firm itself in terms of being a collective player or an individual player in a social system, a relation, a network, a stakeholder nexus etc.. It might be that the reader of ‘Relational Economics’ does not get an absolute clear understanding of the company’s status in terms of an economic organisation.
Marc Hübscher writes in his appraisal that this part becomes an encouragement for academia to discuss and consider this approach in more detail. Wieland, he says, has interpreted the economic organisation mostly as a social system, relation, etc.. Thus, he stressed the necessity to clarify the consequences of the company as a construct, and as a collective player
In addition to this review, Nomos also printed an inspiring discussion between young economists of Wieland’s new book.
LEIZ Communication Management
'Relational Economics' is a contribution to political economics, focusing on the governance of economic transactions in modern societies. The book analyses the mechanisms of global value creation, elaborating on the cooperative productivity of global intra- and inter-firm networks, as well as on the corresponding requirements for transcultural leadership and intersectoral stakeholder management.