ANRV316-SO33-14 ARI 31 May 2007 12:29 Moral Views of Market Society Marion Fourcade1 and Kieran Healy2 1Department of Sociology, University of California, Berkeley, California 94720-1980; email:
[email protected] 2Department of Sociology, University of Arizona, Tucson, Arizona 85721; email:
[email protected] Annu. Rev. Sociol. 2007. 33:285–311 Key Words First published online as a Review in Advance on markets, capitalism, moral order, culture, performativity, April 5, 2007 governmentality The Annual Review of Sociology is online at http://soc.annualreviews.org Abstract This article’s doi: Upon what kind of moral order does capitalism rest? Conversely, by University of California - Berkeley on 08/30/07. For personal use only. 10.1146/annurev.soc.33.040406.131642 does the market give rise to a distinctive set of beliefs, habits, and Annu. Rev. Sociol. 2007.33:285-311. Downloaded from arjournals.annualreviews.org Copyright c 2007 by Annual Reviews. social bonds? These questions are certainly as old as social science All rights reserved itself. In this review, we evaluate how today’s scholarship approaches 0360-0572/07/0811-0285$20.00 the relationship between markets and the moral order. We begin with Hirschman’s characterization of the three rival views of the market as civilizing, destructive, or feeble in its effects on society. We review recent work at the intersection of sociology, economics, and political economy and show that these views persist both as theories of market society and moral arguments about it. We then argue that a fourth view, which we call moralized markets, has become increasingly prominent in economic sociology.