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"To understand the 2008 financial crisis, Neil Fligstein looks to the business models of the big US banks. He shows how firms got hooked on mortgages-originating them, securitizing them, selling those securities, and even buying the same securities. In time their addiction nearly collapsed the economy."

Cover -- Title Page -- Copyright Page -- Contents -- List of Tables -- Preface -- 1. Bringing Sociology Back In -- A Critique of the Existing Literature in the Sociology of Markets -- Theoretical Questions for a Sociology of Markets -- A Political-Cultural Approach -- Structure of the Book -- Normative Implications of the Political-Cultural Approach to the Sociology of Markets -- PART I -- 2. Markets as Institutions -- Market Institutions: Basic Definitions -- State Building and Market Building -- Power in Policy Domains and Market Institutions -- 3. The Politics of the Creation of Market Institutions -- Political Structuring of Labor Market Institutions -- Policy Domains and Market Regulation in Real Societies -- Stability and Complexity -- Implications for Research -- Conclusion -- 4. The Theory of Fields and the Problem of Market Formation -- Markets as Fields -- The Goal of Action in Stable Markets -- The Problem of Change and Stability in Markets -- Links between Market Formation and States -- Some Macro Implications of the Theory of Fields -- Globalization and Market Processes -- Conclusion -- PART I I -- 5. The Logic of Employment Systems -- Employment Systems as Institutional Projects -- Variations and Transformations in Employment Systems -- The Dynamics of Systems of Employment Relations -- Insights into Comparative Employment Systems -- Research Agendas -- Conclusion -- 6. The Dynamics of U.S. Firms and the Issue of Ownership and Control in the 1970s -- Review of the Literature -- Management versus Owner Control -- Bank Control -- Market Dynamics and Management Control -- Hypotheses -- Data and Methods -- Results -- Discussion and Conclusions -- Appendix A -- 7. The Rise of the Shareholder Value Conception of the Firm and the Merger Movement in the 1980s -- What Is to Be Explained? -- Finance Economics

"The Architecture of Markets represents a major and timely step beyond recent, largely empirical studies that oppose the neoclassical model of perfect competition but provide sparse theory toward a coherent economic sociology. Fligstein offers this theory. With it he interprets not just globalization and the information economy, but developments more specific to American capitalism in the past two decades - among them, the 1980s merger movement. He makes new inroads into the "theory of fields," which links the formation of markets and firms to the problems of stability. His political-cultural approach explains why governments remain crucial to markets and why so many national variations of capitalism endure