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A sociologia dos mercados tem sido um dos campos mais vibrantes da sociologia nos últimos 25 anos. Há uma boa dose de concordância de que os mercados são estruturas sociais caracterizadas por relações sociais extensas entre firmas, trabalhadores, fornecedores, clientes e governos. No entanto, assim como em tantas literaturas sociológicas, os campos teóricos que se formaram com frequência parecem falar sem levar os demais em consideração. Nós demonstramos que parte das discordâncias entre os campos teóricos se deve a diferenças na linguagem conceitual, e outras discordâncias estão ligadas ao fato de que os campos teóricos ignoram os conceitos em outros campos, o que torna suas teorias menos completas. Nós terminamos discutindo controvérsias mais profundas na literatura que parecem abertas tanto a novas conceptualizações, quanto a pesquisa empírica adicional. PALAVRAS-CHAVE: Campos. Redes. Instituições. Performatividade. Cultura. Política. THE SOCIOLOGY OF MARKETS Neil Fligstein Luke Dauter Market Sociology has been one of the most vibrant fields in Sociology in the past 25 years. There is a great deal of agreement that markets are social structures characterized by extensive social relationships between firms, workers, suppliers, customers and governments. But, like in many sociological literatures, the theory camps that have formed often seem to speak by each other. We show that some of the disagreement between the theory camps is due to differences in conceptual language, and other disagreements stem from the fact that theory camps ignore the concepts in other theory camps, thereby making their theories less complete. We end by considering deeper controversies in the literature that seem open both to new conceptualization and to further empirical research. KEY WORDS: fields, networks, institutions, performativity, culture, politics. LA SOCIOLOGIE DES MARCHÉS Neil Fligstein Luke Dauter La Sociologie des Marchés a été l'un des domaines les plus dynamiques de la Sociologie au cours des 25 dernières années. Il existe un assez large consensus considérant les marchés comme des structures sociales caractérisées par de vastes relations sociales entre les entreprises, les travailleurs, les fournisseurs, les clients et les gouvernements. Cependant, comme c'est le cas pour de nombreuses références sociologiques, les nouveaux champs théoriques semblent souvent s'affirmer sans prendre en considération les autres champs. Nous démontrons que certains désaccords entre les différents champs théoriques sont dus en partie au langage conceptuel mais aussi au fait que ces champs théoriques ne tiennent pas compte des concepts des autres domaines, ce qui fait que leurs théories restent incomplètes. Finalement nous analysons des controverses plus profondes dans des études réalisées qui sembleraient plus ouvertes autant à de nouvelles conceptualisations qu'à une recherche empirique complémentaire. MOTS-CLÉS: champs, réseaux, institutions, performativité, culture, politique. Publicação Online do Caderno CRH no Scielo: http://www.scielo.br/ccrh Publicação Online do Caderno CRH: http://www.cadernocrh.ufba.br

A sociologia dos mercados tem sido um dos campos mais vibrantes da sociologia nos últimos 25 anos. Há uma boa dose de concordância de que os mercados são estruturas sociais caracterizadas por relações sociais extensas entre firmas, trabalhadores, fornecedores, clientes e governos. No entanto, assim como em tantas literaturas sociológicas, os campos teóricos que se formaram com frequência parecem falar sem levar os demais em consideração. Nós demonstramos que parte das discordâncias entre os campos teóricos se deve a diferenças na linguagem conceitual, e outras discordâncias estão ligadas ao fato de que os campos teóricos ignoram os conceitos em outros campos, o que torna suas teorias menos completas. Nós terminamos discutindo controvérsias mais profundas na literatura que parecem abertas tanto a novas conceptualizações, quanto a pesquisa empírica adicional.

The worldwide financial crisis of 2007-2010 was set off by the collapse of the subprime mortgage market in the U.S. This crisis caused widespread banking failure in the U.S. and forced the federal government to provide a massive bailout to the financial sector. The crisis simultaneously reverberated to banks around the world, and eventually brought about a worldwide recession. This paper documents why Western European countries were so susceptible to the housing price downturn. We explore various mechanisms by which the financial crisis might have spread including the existence of similar regulatory schemes, government deficits and current account imbalances, export connectedness, and the presence of a housing bubble. We present a surprising result: European banks went down because they had joined the market in the U.S. for mortgage backed securities and funded them by borrowing in the asset backed commercial paper market. They were pursuing the same strategies to make profit as the American banks, and when the housing market turned down, they suffered the same fate as their U.S. counterparts. Our study makes a broader theoretical point suggesting that subsequent studies of global finance and financial markets need to know something about the identities and strategies of the banks that structure the main markets for different products. This insight has implications for the literatures on financialization, globalization, and the sociology of finance.

The 2007-2009 financial crisis was centered on the mortgage industry. This paper develops a distinctly sociological explanation of that crisis based on Fligstein's (1996) markets as politics approach and the sociology of finance. We use archival and secondary sources to show that the industry became dominated by an "industrial" conception of control whereby financial firms vertically integrated in order to capture profits in all phases of the mortgage industry including the production of financial products. The results of multivariate regression analyses show that the "industrial" model drove the deterioration in the quality of securities that firms issued and significantly contributed to the eventual failure of the firms that pursued the strategy. We show that large global banks which were more involved in the industrial production of U.S. mortgage securities also experienced greater investment losses. The findings challenge existing conventional accounts of the crisis and provide important theoretical linkages to the sociology of finance