What is the difference between reciprocity and market exchange? ?

[lylpynkbuttafly]

What is the difference between reciprocity and market exchange? What role does each play in our own society?

[James P]

reciprocity is a general term which describes a relationship in which one person gives, and the recipient then gives back in turn. market exchange is a specific form of reciprocity. While reciprocity describes an roughly equal exchange, in a market exchange the value is quantified by a cash value whereas in other forms of exchange in different parts of the world, value may not be reckoned this way. in addition, a market exchange typically involves an immediate exchange whereas in other parts of the world, an gift or allowance is reciprocated later on. I'm not sure society you live in, but i will asume North America and say that market exchanges make up a huge component of our market economy and are the fundamental distributors of resources, wheras reciporicty takes place throughout our social insitutions such as mutual gift giving on birthdays, holidays or giving loans to friends.