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Chapter 26 - Market System Dynamics: Key Processes, Biases and Research Opportunities

from Part VI - Broadening the Perspectives in Market Studies

Published online by Cambridge University Press:  22 November 2024

By
Eileen Fischer  and
Markus Giesler
Edited by
Susi Geiger ,
Katy Mason ,
Neil Pollock ,
Philip Roscoe ,
Annmarie Ryan ,
Stefan Schwarzkopf  and
Pascale Trompette
Susi Geiger
Affiliation:
University College Dublin
Katy Mason
Affiliation:
Lancaster University
Neil Pollock
Affiliation:
University of Edinburgh
Philip Roscoe
Affiliation:
University of St Andrews, Scotland
Annmarie Ryan
Affiliation:
University of Limerick
Stefan Schwarzkopf
Affiliation:
Copenhagen Business School
Pascale Trompette
Affiliation:
Université de Grenoble
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Summary

In the adjacent to Market Studies research stream, the emerging Market System Dynamics (MSD) tradition similarly studies how markets are constituted as complex social systems and how actors and institutions actively shape (and are shaped by) them. This chapter firstly provides an overview of the body of work that has accumulated within this tradition. Secondly, our chapter outlines five theoretical processes that highlight specific aspects of how markets are constituted as from an MSD lens. These processes include the (de)legitimation, the (de)moralization, the (de)politicization, the aestheticization, and the complexification of markets. We conclude this chapter by briefly discussing a set of biases within the MSD tradition (process inflation, enabling lens myopia, presentism, and particularism), and discuss how MSD and Market Studies as distinct research traditions might benefit from greater interaction.

Keywords

market stystem dynamicscomplexitylegitimacypower
Type
Chapter
Information
Market Studies
Mapping, Theorizing and Impacting Market Action
 , pp. 428 - 437
Publisher: Cambridge University Press
Print publication year: 2024

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