chapter  4
24 Pages

Markets as Sociocultural Practices

The dissensual sociological critique of the market perspective dominant in economic discourse provides the starting points for the development of a view of the market as a form of sociocultural practice. The perspective that transcends both the conventional image of the market and its sociological critique is summarized in the form of five stipulations. The aim of these five stipulations is the formulation of a context-sensitive, less one-sided but more dynamic representation of the market that also attends to the impact of major societal changes on the nature of markets. The chapter also summarizes the sociological critique of the neoclassical model of the market. The neoclassical conception of the market is often invoked in public debates and policy disputes, be it in discussions of the nature and changes of the labor market, the control and regulations of financial markets, the desire to enlarge the range of the market logic, the wisdom of international treaties.