ABSTRACT
Exchange is more complex than most scholars realize. This chapter reviews treatments of social exchange from neoclassical economists (that depict it as a simple and discrete transaction among two actors) to more recent treatments of social exchange by macromarketing scholars (that depict exchange as a complex phenomenon that changes depending on the shared understanding among actors in exchange, as well as the influence of other stakeholders related to exchange). Macromarketing scholars offer valuable insights about exchange because they perceive exchange as a process that is influenced by a variety of factors missed by others who take a transactional approach to exchange.
