MARKETS AS POLITICS - A POLITICAL-CULTURAL APPROACH TO MARKET INSTITUTIONS

I use the metaphor ''markets as politics'' to create a sociological vi ew of action in markets. I develop a conceptual view of the social ins titutions that comprise markets, discuss a sociological model of actio n in which market participants try to create stable worlds and find so cial solutions to competition, and discuss how markets and states are intimately linked. From these foundations, I generate propositions abo ut how politics in markers work during various stages of market develo pment-formation, stability, and transformation. Ar the formation of ma rkets, when actors in firms are trying to create a status hierarchy th at enforces noncompetitive forms of competition, political action rese mbles social movements. In stable markets, incumbent firms defend thei r positions against challengers and invaders. During periods of market transformation, invaders can reintroduce more fluid social movement-l ike conditions.