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The Architecture of Markets: An Economic Sociology of TwentyFirstCentury Capitalist Societies.,Used
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Market societies have created more wealth, and more opportunities for more people, than any other system of social organization in history. Yet we still have a rudimentary understanding of how markets themselves are social constructions that require extensive institutional support. This groundbreaking work seeks to fill this gap, to make sense of modern capitalism by developing a sociological theory of market institutions. Addressing the unruly dynamism that capitalism brings with it, leading sociologist Neil Fligstein argues that the basic drift of any one market and its actors, even allowing for competition, is toward stabilization.The Architecture of Markets represents a major and timely step beyond recent, largely empirical studies that oppose the neoclassical model of perfect competition but provide sparse theory toward a coherent economic sociology. Fligstein offers this theory. With it he interprets not just globalization and the information economy, but developments more specific to American capitalism in the past two decadesamong them, the 1980s merger movement. He makes new inroads into the ''theory of fields,'' which links the formation of markets and firms to the problems of stability. His politicalcultural approach explains why governments remain crucial to markets and why so many national variations of capitalism endure. States help make stable markets possible by, for example, establishing the rule of law and adjudicating the class struggle. Statebuilding and marketbuilding go hand in hand.Fligstein shows that market actors depend mightily upon governments and the members of society for the social conditions that produce wealth. He demonstrates that systems favoring more social justice and redistribution can yield stable markets and economic growth as readily as less egalitarian systems. This book will surely join the classics on capitalism. Economists, sociologists, policymakers, and all those interested in what makes markets function as they do will read it for many years to come.
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- Q: What is the main focus of 'The Architecture of Markets'? A: The book focuses on understanding how markets are social constructions that require institutional support, providing a sociological theory of market institutions.
- Q: Who is the author of 'The Architecture of Markets'? A: The author of the book is Neil Fligstein, a leading sociologist in the field of economic sociology.
- Q: What topics does the book cover? A: The book covers topics such as globalization, the information economy, and developments in American capitalism, particularly the 1980s merger movement.
- Q: How does Neil Fligstein's approach differ from traditional economic theories? A: Fligstein's political-cultural approach links the formation of markets to stability issues, contrasting with traditional neoclassical models of perfect competition.
- Q: What is the significance of government in market stability according to the book? A: The book argues that governments play a crucial role in establishing the rule of law and creating the social conditions necessary for stable markets.
- Q: Is 'The Architecture of Markets' suitable for casual readers? A: While the book is academically rigorous, it can be insightful for anyone interested in understanding the dynamics of modern capitalism.
- Q: What is the publication date of 'The Architecture of Markets'? A: The book was published on October 1, 2001.
- Q: What is the condition of the book listed for sale? A: The book is categorized as a 'Used Book in Good Condition'.
- Q: How many pages does 'The Architecture of Markets' have? A: The book has a total of 288 pages.
- Q: What type of binding does this book have? A: The book is available in hardcover binding.