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The social order of markets

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Author Info

  • Beckert, Jens

Abstract

In this article I develop a proposal for the theoretical vantage point of the sociology of markets, focusing on the problem of the social order of markets. The initial premise is that markets are highly demanding arenas of social interaction, which can only operate if three inevitable coordination problems are resolved. I define these coordination problems as the value problem, the problem of competition and the cooperation problem. I show that these problems can only be resolved based on stable reciprocal expectations on the part of market actors, which have their basis in the socio-structural, institutional and cultural embedding of markets. The sociology of markets aims to investigate how market action is structured by these macrostructures and to examine the change of institutions, networks and cultural frames of market action. --

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Bibliographic Info

Paper provided by Max Planck Institute for the Study of Societies in its series MPIfG Discussion Paper with number 07/15.

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Date of creation: 2007
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Handle: RePEc:zbw:mpifgd:0715

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  1. Herbert Simon & Lindsay McSweeney, 2010. "A Behavioral Model of Rational Choice," CPI Journal, Competition Policy International, vol. 6.
  2. Beckert, Jens, 2007. "Die soziale Ordnung von Märkten," MPIfG Discussion Paper 07/6, Max Planck Institute for the Study of Societies.
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Cited by:
  1. Andrea Migone, 2011. "Embedded markets: A dialogue between F.A. Hayek and Karl Polanyi," The Review of Austrian Economics, Springer, vol. 24(4), pages 355-381, December.
  2. Kenneth Amaeshi, 2010. "Different Markets for Different Folks: Exploring the Challenges of Mainstreaming Responsible Investment Practices," Journal of Business Ethics, Springer, vol. 92(1), pages 41-56, April.
  3. Hugues Jeannerat & Leila Kebir, 2012. "Mobility of Knowledge. Knowledge resources and markets: What territorial economic systems ?," GRET Publications and Working Papers 02-12, GRET Group of Research in Territorial Economy, University of Neuchâtel.
  4. Schiller-Merkens, Simone, 2013. "Framing moral markets: The cultural legacy of social movements in an emerging market category," MPIfG Discussion Paper 13/8, Max Planck Institute for the Study of Societies.
  5. Stan Metcalfe, . "Capitalism and evolution," Openloc Working Papers 1201, Public policies and local development.

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