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Periodic Markets
A periodic market is a type of market where meetings are separated by market-less days. Chatuchak Weekend Market in Bangkok is a prime example of this. It is bustling with traders and buyers on Saturdays and Sundays, but for the rest of the week, it is simply a conglomeration of tents and closed shopfronts.
Periodic marketing is a very traditional institution. It was characteristic of many indigenous societies prior to the colonial period of Southeast Asia. However, Thailand is the one country of the region that has never been colonized. Many of the periodic markets in Bangkok today date back from this time period.
Development
Periodic markets developed from a low density of demand. these types of markets concentrate sales into a short time period, favoring the areas in the hinterlands of LDC's with a low population density and low per-capita income. the higher density and higher per capita income of Third World cities favors a static market system where the threshold of a good falls within the range.
Periodic market systems also developed because vendors were likely to be mobile, as well as only operate part time. Mobile forms of markets are more likely to be more profitable because they can reach more people. Periodic markets reduce the distance that a buyer must travel to obtain required goods and services. Periodic markets are also advantageous because in the hinterland they permit the dense distribution of market towns which serve the spatially distanced villagers, instead of allowing only a few towns to have markets and forcing the rest of the population to commute further.
Urban Periodic Markets
In a city, the periodic markets have a unique functions. While in the agricultural hinterland markets supply peasants with manufactored goods, in the urban areas, periodic markets have the reverse role. They function to supply urban-oriented middle men with rural goods from small scale individuals. These markets are most likely periodic to enable the traders to travel back into the country to restock up on local foodstuffs or handicrafts to sell back in the city at the next market meeting.
Periodic markets require an enormous labor input. Few markets have lock-up facilities. Therefore, traders have to carry their goods to the marketplace each morning and remove their unsold goods at the end of each day.
Markets in General