Zelizer’s work may be read as an attack on the central Polanyian thesis: that the market system threatens social life by the undue prominence it lends the economy in the organization of modern society. The recent publication of Viviana Zelizer’s The Purchase of Intimacy (2005a) is therefore an excellent opportunity to review the general trend of her work Zelizer 1979, 1985, 1994, and contrast her leading ideas to the central thesis that gives Polanyi’s work its particular flavor: the danger encapsulated (...) in the use of modern money and the functioning of the market system. (shrink)

The author argues that behind the apparent randomness of interactions between cabdrivers and their fares in Warsaw is a temporal structure. To capture this temporal structure, the author introduces the notion of a linking ecology. He argues that the Warsaw taxi market is a linking ecology, which is structured by religious time, state time, and family time. The author then focuses on waiting time, arguing that it too structures the interactions between cabdrivers and their fares. The author makes a processual (...) argument that waiting time has been restructured by the postsocialist transformation, but only because this transformation has been continually encoded through the defensive and adaptive strategies of cabdrivers responding to the repetitive and unique events located across the social space. The author concludes with the claim that linking ecologies are a recurring structure of the social process and that they form the backbone of globalization, financialization, and mediatization. (shrink)

Decisions where there is not enough information for a well-informed decision due to unidentified consequences, options, or undetermined demarcation of the decision problem are called decisions under great uncertainty. This paper argues that public policy decisions on _how_ and _if_ to implement decision-making processes based on machine learning and AI for public use are such decisions. Decisions on public policy on AI are uncertain due to three features specific to the current landscape of AI, namely (i) the vagueness of the (...) definition of AI, (ii) uncertain outcomes of AI implementations and (iii) pacing problems. Given that many potential applications of AI in the public sector concern functions central to the public sphere, decisions on the implementation of such applications are particularly sensitive. Therefore, it is suggested that public policy-makers and decision-makers in the public sector can adopt strategies from the argumentative approach in decision theory to mitigate the established great uncertainty. In particular, the notions of framing and temporal strategies are considered. (shrink)

This article shows how research on the social structure of markets may contribute to the analysis the growing income inequality in contemporary capitalist economies. The author proposes a theoretical link between embeddedness and social stratification by discussing the role of institutions and networks in markets for the distribution of economic profits between firms. The author claims that we must understand profit and free competition as opposites, as economic theory does. In the main part of the article the author illustrates six (...) typical mechanisms of rent extraction from networks or formal and symbolic rules that embed markets. They emerge from material as well as symbolical access to and influence on the orientation of other market actors. Social structures in markets lead to unequal chances for rent extraction, even if actors produce them for coordination rather than for accumulation purposes. This is how market sociology and theory of capitalism can be linked more closely. (shrink)

Theories of rational choice are arguably the most prominent approaches to human behaviour in the social and behavioral sciences. At the same time, they have faced persistent criticism. In this paper, I revisit some of the core criticisms that have for a long time been levelled against them and discuss to what extent those criticisms are still effective, not only in light of recent advancements in the literature but also of the fact that there are different variants of rational choice (...) theories that have not been considered explicitly when criticizing them. (shrink)

Jens Beckert’s 2009 article on the constitution and dynamics of markets is a bold attempt to define a novel research agenda. Deeming uncertainty and coordination essential for the constitution of social action in markets, Beckert proposes a framework centered on the resolution of three coordination problems: valuation, cooperation, and competition. The empirical study of these three coordination problems has the potential to contribute considerably to the sociological analysis of markets. However, the assertion that such a theoretical vantage point can explain (...) the constitution and dynamics of markets is not compelling because it (1) conflates social interaction with social structures, (2) fails to address power relations, institutions, and macro-level structures, and (3) neglects the historically contingent and socially contested nature of markets themselves. The present article shows that these three pitfalls are the result of starting from the problem of order and building upon uncertainty as the basis of action in markets, lending the suggested framework a methodologically individualist bent. Therefore, Beckert’s suggested framework is in danger of mystifying the very power relations, institutions, and macro-level structures that are at the heart of the constitution and dynamics of markets. (shrink)

Drawing on models of the interaction order, we describe how planning is an inherently social activity. We argue that planning as a practice involves five core elements: mirroring, identifying, coordinating, timing, and surmounting. Specifically, planning depends on (1) a realization of likely responses of others, (2) a recognition of communal understandings, grounded in local cultures, (3) a commitment to collaborative engagements with allies, (4) an adjustment to temporal sequences involving the use of “in time” strategies and tactics, and (5) an (...) ability to overcome or avoid obstacles and blocking moves set by competitors and adversaries. Planning is evident in micro-, meso-, or macro-level domains. To demonstrate how planning is a social accomplishment, we analyze three distinct ethnographic sites: the world of competitive chess, dependent on the micro-interactions of two competitors; the meso-level process of homebuying, requiring the aid of real estate agents as allies; and macro-level structures in directing social movement activism in a contentious action field. Planning extends beyond cognitive achievement and is central to a sociology of the future. (shrink)

Starting from the assumption that decision situations in economic contexts are characterized by fundamental uncertainty, this article argues that the decision-making of intentionally rational actors is anchored in fictions. “Fictionality” in economic action is the inhabitation in the mind of an imagined future state of the world and the beliefs in causal mechanisms leading to this future state. Actors are motivated in their actions by the imagined future and organize their activities based on these mental representations. Since these representations are (...) not confined to empirical reality, fictional expectations are also a source of creativity in the economy. Fictionality opens up a way to an understanding of the microfoundations of the dynamics of the economy. The article develops the notion of fictional expectations. It discusses the role of fictional expectations for the dynamics of the economy and addresses the question of how fictional expectations motivate action. The last part relates the notion of fiction to calculation and social macrostructures, especially institutions and cultural frames. The conclusion hints at the research program developing from the concept of fictional expectations. (shrink)

Soon after the 2008 financial crisis, Gillian Tett, an anthropologist and the US Managing Editor of the Financial Times, suggested that regulators’ and practitioners’ inability to anticipate and respond to deep problems in the financial industry could be traced back to what she called “silo thinking,” wherein experts in one area know nothing about the methods and research of other areas. As she put it, “the essential challenges for investors today…”—and, we might add, for regulators and academics—is “to understand the (...) micro-details of the silos, and see how all the macro-pieces add up”.In years since, many researchers in many fields have sought to identify causes of the... (shrink)

Uncertainty is an intriguing aspect of social life. Uncertainty is epistemic, future-oriented, and implies that we can neither predict nor foresee what will happen when acting. In cases in which no institutionalized certainty about future states exists, or can be generated, judgment is needed. This article presents the forms by which uncertainty is reduced as a result of judgments made about different alternatives in a process involving several actors. This type of uncertainty may exist, for example, about which artist is (...) the best, which offer in the market is more valuable, which football team is better than all the rest, or which research proposal will get a grant. The result of different forms of uncertainty reduction is increased certainty concerning alternatives in relation to one another, such as good and bad, rank lists, scores, quality assessment, and “winner and losers.” Based on the result, uncertainty is reduced and action is facilitated. The forms are structural and comprise roles; may be legitimate in a smaller or larger domain; and may exist in all spheres of life, as exemplified in sports competitions, in labor markets, and in the ranking of universities. Three forms of uncertainty reduction based on judgment are identified in this article: (1) decision, made by an authority; (2) valuation, by means of which order arises as a result of actors ascribing values; and (3) contest, by which an order is the result of direct struggle. (shrink)

James Baldwin wrote: "People who shut their eyes to reality simply invite their own destruction, and anyone who insists on remaining in a state of innocence long after that innocence is dead turns himself into a monster." When people impute meanings to events--such as the 2020 killing of George Floyd, the shooting of Jacob Blake, and subsequent upheavals--they do so with ideas that already make sense to them. And what makes most sense to people is typically due to others with (...) whom they share identities and experiences, and from whom they’ve inherited their basic intellectual scaffolding. But making sense of an event isn’t enough. We’re driven to mobilize action by convincing ourselves that our cause is morally or politically in the right. So people build on their stable-yet-evolving intellectual scaffolding and explanatory schemes to rationalize, justify, and sanctify their conduct. The easiest part of becoming what Baldwin called a moral monster is to build up these self-justifying rationalizations. The more complicated part is to construct a justifying consciousness that insures we’ll arrive safely at foregone conclusions with little risk of confronting others’ experiences in a way that might unsettle our equilibrium or sap our vehemence. In this way, people avoid facing realities that might upend their pretenses, so they are now ideally positioned to be, in Dewey’s words, “profoundly moral even in their immoralities.". (shrink)