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Gundlach, G. T. and R. S. Achrol (1993). 'Governance in exchange: Contract law and its alternatives'. Journal of Public Policy & Marketing 12(2): 141.
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Conceptual debate centering on the efficacious nature of contract law for regulating exchange has prompted recent emphasis on alternative modes of governance. The emergence of this interest has been bolstered in marketing through current focus on exchange relationships versus transactions. Scholars in both marketing and law are examining the use of varying forms of integration, self-interest stakes, social norms, ethics, effects of reputation, and other governance elements. This trend is examined, and a study empirically investigates factors relating to the use of different governance approaches and their interrelationships. In particular, a simulated channel environment is used to test hypotheses relating to the effect of environmental uncertainty, relational interaction, and the interrelationship of different governance mechanisms. Findings relating to contract law's interrelationship with other forms of governance provides implications for public policy theory development.