Mutual Benefits,Social Relationships and Peer Credits:An Example of Building Material Market Operation
The credit discussed in academia is actually cascading credit.This study proposes the concept of"peer credit".Peer credit refers to credit transaction in which counterparts in a market with a shortage of goods in stock allocate goods at a price lower than the market price and settle payment according to the social time.Using the Ming Sheng Building Materials Market in Yunbei City as a field site for peer credit study,this paper finds that merchants in the market are driven by self-interest to construct relationships with their peers to achieve mutual benefits and win-win situations,resulting in peer credit transactions.Mutual benefits and social relationships are the social mechanisms that ensure the operation and reproduction of peer credit.In contrast to cascading credit,social time mechanisms play a role in peer credit,but market power mechanisms are not present.
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