A Syllabus for Sociology of Markets

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By Jens Beckert / Pierre François, 2010.

An excerpt:

Markets are the core institutions of capitalist economies. They have become an important subject field in economic sociology during the last twenty years. The seminar centers around three coordination problems market actors need to resolve to establish and reproduce markets. These coordination problems are the problem of competition, the problem of valuation and the problem of cooperation. The conceptual texts and case studies read in the seminar provide insights into the different approaches in economic sociology.

Seminar Organization:

The seminar will take place in Köln, in the Max-Planck-Institut für Gesellschaftsforschung, 

from January  11th to 15th. Students will be asked to read all the “required readings” before the seminar. During the seminar, they will be asked to treat specific topics, drawings on these readings and working in small groups (4 or 5 persons per group), each group involving both German and French students. Students will also be asked to prepare a brief presentation (10 to 15 minutes each) based on a “case study” reading. There will be three presentations on days 2, 3 and 4 and one presentation day 4. The presentations will be prepared and presented by two students. For the students from Cologne a preparatory meeting will take place on October 28, 2009 at 5pm. All seminar participants from Cologne must be present at this meeting.

1. INTRODUCTION: WHAT ARE MARKETS? HISTORICAL AND CONCEPTUAL PERSPECTIVE

Required readings

• Beckert, J., 2009, "The social order of markets", Theory and Society, 38 (3), p. 245-269. 
• Fligstein, N., 1996, "Markets as politics: a political-cultural approach to market institutions", American sociological review, 61 (4), p. 656-673.
• Braudel, F., 1977, Afterthougts on material civilization and capitalism, Baltimore, John Hopkins University Press, 120 p. – Abstracts. 
• Polanyi, K., 2001, The Great Transformation. The political and economic origins of our time, Boston, Beacon Press, 317 p. – Chapter 4 to 6. 

Advised readings

• Braudel, F., 1992, Civilization and capitalism, Berkeley, University of California press 
• Fligstein, N. and Dauter, L., 2007, "The sociology of markets", Annual review of sociology, 33, p. 105-128.
• Lie, J., 1997, "Sociology of markets", Annual review of sociology, 23, p. 341-360.
• Mauss, M., 2020, The gift: the form and reason for exchange in archaic societies, London, Rouledge, 199 p. 
• Swedberg, R., 1994, "Markets as social structures", in Smelser, N. J. et Swedberg, R. (dir.), The handbook of economic sociology, Princeton/New York, Princeton university press/Russell Sage foundation, p. 255-283.
• Swedberg, R., 2005, "Markets as social structures", in Smelser, N. J. et Swedberg, R. (dir.), The handbook of economic sociology. Second edition, Princeton/New York, Princeton university press/Russell Sage foundation.

2. COMPETITION

Required readings

Classical approaches of competition:

• Simmel, G., 1903, "The sociology of conflict: I", American journal of sociology, 9 p. 490-525. – Abstracts. 
• Weber, M., 1978, Economy and Society. An Outline of Interpretive Sociology, Berkeley, University of California press, 1469 p – Chapter 1, section 8, p. 38-40.

The field approach: 

• Bourdieu, P., 2005, "Principles of an economic anthropology", in Smelser, N. J. et Swedberg, R. (dir.), Handbook of economic sociology, Second edition, Princeton/New York, Princeton university press/Russell Sage foundation, p. 75-90.

The network approach: 

• Leifer, E.M., White, H.C., 1987, “A structural approach to markets”, in Mizruchi, M.S., Schwarz, M., (dir.), Intercorporate relations: the structural analysis of business, New York, Cambridge university press.

The status-based approach:

• Podolny, J. M., 1993, "A status-based model of market competition", American journal of sociology, 98 (4), p. 829-872.

Case studies

• Bourdieu, P., 2005, The social structures of the economy, Cambridge, Polity press, 260 p, chapter 1, “Disposition of the agents and the structure of the field of reproduction”, p. 19-89.
• Baker, W. E., 1984, "The social structure of a national securities market", American journal of sociology, 89 (4), p. 775-811.
• Beth, D. Y. and Podolny, J. M., 1999, "Status, quality, and social order in the California Wine industry, 1981-1991", Administrative science quarterly, 44 (3), p. 563-589.

Advised readings 

• Burt, R., 1992, Structural holes: the social structure of competition, Cambridge, Harvard university press, 310 p.
• Burt, R., 1993, "The social structure of competition", in Swedberg, R. (dir.), Explorations in economic sociology, New York, Russell Sage foundations, p. 65-103.
• Fligstein, N., 2001, The architecture of markets. An economic sociology of twenty-first-century capitalist societies, Princeton, Princeton university press, 288 p.
• François, P., 2006, "Prototype, competition and market. The market for early music concerts", Revue française de sociologie, 47 (English issue), p. 183-210.
• Podolny, J. M., 2005, Status signals. A sociological study of market competition, Princeton, Princeton university press, 287 p.
• White, H. C., 1981, "Where do markets come from ?" American journal of sociology, 87 (3), p. 517-548.
• White, H. C., 2002, Markets from networks, Princeton, Princeton university press, 395 p.

3. VALUE

Required readings

The economics of singularities

• Karpik, L., forthcoming, The economics of singylarities, Princeton, Princeton university press. – Abstracts. 

The performativity approach

• Callon, M., 1998, "Introduction: the embeddedness of economic markets in economics", in Callon, M. (dir.), The laws of the markets, Oxford, Blackwell, p. 1-57.

The economics of conventions

• Jagd, S. (2007): Economics of Convention and new economic sociology. Mutual inspiration and dialogue. Current Sociology 55: 76-91.

A U.S. reading (and use) of the economics of convention

• Stark, D., 2009, The sense of dissonance. Accounts of worth in economic life, Princeton, Princeton university press, 250 p. – chapter 1., “Heterarchy: the organization of dissonance”, p. 1-34.

Case studies

• McKenzie, D. et Millo, Y., 2003, "Constructing a market: the historical sociology of a financial derivatives exchange", American journal of sociology, 109 (1), p. 107-145.
• Trompette, P., 2007, "Customer chanelling arrangements in market organization: competition dynamics in the funeral business in France", Revue française de sociologie, English issue.
• Zelizer, V., 1978, "Human values and the market : the case of life insurance and death in 19th century America", American journal of sociology, 84 (3), p. 591-610.

Advised readings

• Boisard, P. et Letablier, M.-T., 1991, "The future of a tradition. Two ways of making camembert the foremost cheese of France", Food and foodways, 4 (3/4), p. 173-207 
• Bradach, J. et Eccles, R. C., 1989, "Price, authority and trust : from ideal types to plural forms", Annual review of sociology, 15, p. 97-118.
• Chiffoleau, Y. et Laporte, C., 2006, "Price formation: the case of the Burgundy wine market", Revue française de sociologie.
• Lounsbury, M. et Rao, H., 2004, "Sources of durability and change in market classifications: a study of the reconstitution in the American mutual fund industry, 1945-1958", Social forces, 82 (3), p. 969-999,
• Velthuis, O., 2003, "Symbolic meanings of prices : constructing the value of contemporary art in Amsterdam and New York galleries", Theory and society, 32 (2), p. 181-215.

4. COOPERATION

Required readings

Trust in sociology

• Giddens, Anthony, 1990, Consequences of Modernity, Cambridge, Polity Press, Chapter 3, p. 79-111. 

Trust and institutions

• Möllering, G., "Trust, institutions, agency: towards a neoinstitutional theory of trust", in Bachman, R. et Zaheer, A. (dir.), Handbook of trust research, Cheltenham, Northampton, Edward Elgar, p. 355-377. 

Trust and rationality

• Williamson, O., 1993, “Calculativeness, Trust, and Economic Organizatio” Journal of Law and Economics, 36, p. 453-486.

Case studies

• Gambetta, D., 1988 “Mafia: The Price of Distrust”, in Gambetta, D. (dir.), Trust. Making and Breaking Cooperative Relations, New York: Blackwell, p. 158-175. 
• Portes, A., and Sensenbrenner, J., 1993. “Embeddedness and Immigration: Notes on the Determinants of Economic Action.” American Journal of Sociology 98, 1320-1350.
• Zucker, L.G., 1986, “Production of Trust: Institutional Sources of Economic Structure, 1840–1920”, in Barry M.S. and Larry L. Cummings (dir.), Research in Organizational Behavior, Vol. 8. Greenwich, CT, JAI Press Inc., p. 53–111.

Advised Readings

• Bacharach, M. et Gambetta, D., 2001, "Trust in signs", in Cook, K. (dir.), Trust in society, New York, Russell Sage Foundations, p. 148-184.
• Beckert, J., 2005, “Trust and the Performative Construction of Markets”, MPifG Discussion Papers.
• Luhmann, N., 1988, “Familiarity, Confidence, Trust: Problems and Alternatives”, in Gambetta D. (dir.), Trust. Making and Breaking Cooperative Relations, New York, Blackwell, p. 94-107.
• Saxenian, A.L., 1989, “In search of power: the organization of business interests in Silicon Valley and Route 128”, Economy and Society, 18, p. 25-70.
• Shapiro, S. P., 1987, "The social control of impersonal trust", American journal of sociology, 93 (3), p. 623-658.

5. SOCIOLOGY OF MARKETS AND SOCIOLOGICAL THEORY – A discussion with P. Steiner (Paris IV Sorbonne University, France) and D. Dequech (University of Campinas, Brazil).

Required readings

• Fourcade, M., 2007, “Theories of markets, theories of society”, American behavioral scientist, 50 (8), p. 1015-1034. 
• Luhmann N., 1982, “The Economy as a Social System” in Luhmann, N., The Differentiation of Society. New York, Columbia University Press.

Advised readings

• Steiner, P., 2008, "Organ donation: an analytical typology", Revue française de sociologie, English issue.