Abstract

This article reflects on some themes in Harrison White’s work in the context of China, where the social and cultural construction of markets is quite literal. We explore how we get markets where previously there were no markets and draw on White’s central themes of ‘uncertainty’, ‘value’ and ‘order’. We maintain a distinction, with White and with Frank Knight, of risk, on the one hand, and uncertainty, on the other, where ‘risk’ has to do with entities that are in principle insurable or calculable and ‘uncertainty’ has to do with what is not calculable/insurable. An entrepreneur’s decision to enter a market, to invest in and enter a production market, entails what White calls a ‘commitment to facilities’. This, for White and Knight, is inherently incalculable, and hence uncertain.