‘Thinking socially’ about markets

For more than a century, the discipline of economics has been dominated by the neoclassical tradition of thought. Yet the orthodox approach to understanding markets has proved inadequate for conceptualising the observed nature, practice and evolution of 'actually existing markets' in capitalist economies. As a result, it is contested on many fronts. Useful alternative conceptions of markets and market activity can be found in the broad non-neoclassical modes of thinking about the economy. These include traditions within both heterodox economics and economic sociology. Following a brief outline of the conceptual foundations of the neoclassical understanding of markets, the article moves to a discussion of heterodox economics and economic sociology. The authors survey a range of different theoretical perspectives populating these two broad areas. An interest in the social character of markets has also recently developed within neoclassical economics. They consider these developments before concluding with reflections on some of the policy implications of 'thinking socially' about 'markets'.