Routledge Understanding Commercial Life (Economics as Social Theory)

The market occupies a strange position within economics. Whether it’s the Chicago Mercantile Exchange, the Mall of Asia in the Philippines, the Makola Market in Ghana, the local farmers’ or flea market or eBay, the market is typically conceived of as the arena where buyers and sellers exchange goods and services. The market should therefore be a central category within economics but it is more often than not in the background of the analysis. Experiencing the Market responds to this peculiarity within mainstream economics by calling for ‘the market’ to occupy a more central place in economic discourse. This book focuses in particular on how individuals actually experience the market: culturally, socially, and morally. Economists cannot really understand real world markets unless they understand the culture of markets. This means acknowledging the significant similarities and differences between the wide variety of markets. For example, all participants, whether buyers or sellers, are trying to advance their subjectively perceived interests, given their real and imagined constraints. But, there are also key differences between these markets such as the level of acceptability of haggling, the anonymity of the parties and the notion of fair dealing. Markets are also social spaces. Repeat customers are highly valued which promotes the forming of bonds and friendships between buyers and sellers. And the final section considers the idea of the market as a moral space that depends on and rewards virtue. This thought-provoking and engagingly-written book will ensure that markets are given their due prominence in the future study of economics.