Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part B

The current global financial crisis, catalyzed by the rapid drop in U.S. securitized mortgage valuations beginning in the summer 2007, has entailed a dramatic decrease in the availability of credit, wealth destruction linked to stock market valuations, the failure of banks and insurance companies, numerous other bankruptcies, the growth of governmental intervention, a deep and protracted recession, social unrest, and a general rise in the uncertainty of capitalist institutions. It is in unsettled times such as these that hegemonic and taken-for-granted ideas and institutions may be challenged, and new alternatives cultivated. In the context of the early 21st century, it is the neoliberal ideal of unfettered free markets and market-based solutions that are on trial.

This special two-volume collection of Research in the Sociology of Organizations features contributions by leading scholars in the field of economic sociology, offering an alternative to dominant interpretations of the crisis offered by mainstream economists. Focusing more on how economic activity is fundamentally interpenetrated with social, political, and cultural dynamics, the lens of economic sociology offers a conceptual approach that is better able to shed light on how such crises are socially produced and managed. In addition, this intellectual canon has policy implications that can usefully expand current discussions of how to develop more efficacious regulatory structures and policies that may facilitate economic growth and development in a way that is more equitable and less volatile.