Network exchange theory: Recent developments and new directions

The new millennium opens the third decade of work on network exchange theor y. During two decades of continuous growth, the program has been tested as intensively and extensively as any in sociology. This article summarizes ex isting research and describes new directions. First, we describe basic netw ork connections and recently discovered structural power conditions that sh arply affect exchange ratios. Then we show how game theory enhances underst anding of collective action in exchange networks. Two new research programs link network exchange theory to status characteristics theory: the first d emonstrates that power produces status, and the second shows how status val ue produces power. Finally, we discuss how questions about network dynamics , complexity, and legitimation define paths for future theory growth.