. . .

1 – Markets, like ‘property rights’ require insurers, and production on speculation of demand under inflexible prices.

2 – Trade requires only normative property, and production to satisfy estimated demand under flexible prices.

3 – Exchange requires only possession, and neither prices or anticipated demand.

Demand always exists, whether under exchange, trade, or market.

We tend to use the word market to refer to demand. But demand exists under exchange, trade, and market. The question is scale, investment risk, and institutions (insurance (law), contract, money, prices) that mitigate investment risk.

We trade low volume and high prices for high volume and low prices. To achieve high volume and low prices requires an ever expanding division of capital(risk), knowledge, and labor, under ever greater insurance regimes.