Leaving Commonplaces on the Common Place: Cornerstones of a Polyphonic Market Theory

Abstract

Markets are considered economic phenomena, which is said to be true even if markets are considered social structures, cultural fields, or simply politics, at the same time. Against this background, the present paper argues for a polyphonic market concept. Unlike the popular economy-biased notion of markets, such a concept allows for the analysis of markets in eras and areas where functional differentiation did or does not exist or play a major role. Furthermore, it turns the idea of the ultimately economic nature of markets from an axiom to a research question. In doing so, it breaks ground for research in major trends in functional differentiation and in the preferences for particular function systems featured by concrete groups, milieus or organizations.

Keywords: Markets, New economic sociology, Functional differentiation, Polyphony

JEL Classification: A14, Z10