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The History and Development of Purchasing Management and Its Theoretical Framework: A Review of Transaction Cost Economics
Abstract
Purchasing as a management or academic field of study has seen a rise in its awareness. The strategic role it assumes in most organizations and businesses is as a result of the need for firms to reduce cost and to counter increased competition. However, this recognition evolved from ‘‘humble'' beginnings up to the strategic importance it assumes today in some organizations and as a major field of study in the academia. The historical development of purchasing is worth studying so as to better understand and appreciate the important role it now assumes. Much literature and many theoretical frameworks have been developed to help explain various phenomena in the purchasing field. Transaction cost economics is one of such theories that have been applied. The contribution of transaction cost economics to the growth of knowledge in the purchasing and channel studies has been enormous.
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