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FIVE FIVE INSTITUTIONS IN INSTITUTIONS IN MODERN WORLD SYSTEM MODERN WORLD SYSTEM A market is both a concrete local structure in which individuals or firms sell and buy goods, and a virtual institution across space where the same kind of exchange occurs. Firms are the main actors in the market. Firms are normally the competitors of other firms operating in the same virtual market. They are also in conflict with those firms from whom they purchase inputs and those firms to which they sell their products. State exists within a broad economic, politicaland legal framework which is called world-systems. Just as individual behavior cannot be understood without reference the sociocultural system in which they are members, individual societies or nation states cannot be understood without reference to the world-system in which they are embedded. Households and local kin groups provided most of the food, but feasts were occasionally held in which neighboring villages or more distant allies were invited to partake.

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