Chapter 38 Sociological Institutionalism and the Socially Constructed Economy ‘Matt Vidal and Jamie Peck Introduction Economic geography and economic sociology have mach in common: both are restless, plu= ‘alist subdiseiplines that have variously defined themselves ~ largely against the hegemony ‘of orthodox economics ~ through political economy, cultural, relational, or institutional theory. They have shared objects of study in “real economies” ~ economies that ate (always and everywhere) socially constructed, historically formed, and geographically variegated. In principle, both disciplines explicitly embrace heterodox conceptions of “the economic” and ‘the multiplex character of economic identities and relations (Barnes 2001; Grabher 2006; Hess 2003; Lee and Wills 1997; Sheppard eta. 2003), In practice, they share an orientation towards context-senstive, “diy hands” approaches, rather than the refinement of clean ‘models (Barnes etal. 2007; Hirsch, Michaels, and Friedman 1987; Peck 2005). Economic geography and economic sociology, in this sense, ae fellow traveler. The balance of intellectual trade between these feds (like many of economic geography's inwerdisciptinary relations) has been somewhat unequal, but there is evidence of genuine lialogue around issues lke global valué chains knowledge-economy clusters, cultural econ- ‘omies, and financial restructuring (see Aspers, Kohl, and Power 2008). Our argument in this chapter, however, is that beyond these piecemeal connections there is mote work to be done at wha isan especially fertile boundary, some of which is foundational. There is great potential, we maintain, in working more purposefully with the concept of the socially constructed, institutionally regulated economy, one that for too long has existed in the shadow of the (free) market. The conception of the socially constructed economy that we propose here rests on two propositions: fst, primacy must be afforded to social relations in the conceptualization and critical analysis of economies, therefore making social The Wiley Blackwell Cmmpanion o Economic Geography, Fist Edition. Edited by Trevor J. Baenes, Jamie Peck, Ere Sheppard (© 2012 Blackwell Publishing Led Polished 2012 by Blackwell Pblshng Ld SOCIOLOGICAL INSTITUTIONALISM AND THE SOCIALLY CONSTRUCTED ECONOMY 595, Insitutions analytically central, with institutions understood in the broadest terms; and second, due recognition must be afforded the variegated character of arrangements for organizing production, distribution, and consumption, together with their contradictory instiutionalizaton, “Taking the notion ofthe socially constructed, variegated economy seriously requires richly ‘contextualized explanations that place historically and spatially variable socal institutions atthe center of analysis. A key concern here isto understand how institutions ~ as cultural- cognitive, normative, regulative, and organizational constructions ~ are constitutive of the economic. In tur, this cals for a more frontal challenge to the idealized notion of “the :market” and its propagation in neoclassical economics through the rational-choice paradigm, challenge that necessitates integration into a broader politcal economy framework. Through this maneuver, we seek to take economic sociology back to its future, while also identifying some areas of fruitful collaboration with economic geography. We question the now'staple claim of the so-called new economic sociology (NES) that classical economic rociologies (oehether of a Marxian, Durkheimian, or Weberian stripe) were either iredeemably dated ot in such dire need of reconstruction as to warrant the kind of relaunch implied by the designa tion “new.” Accordingly, we reject Swedberg’ (2004) assertion that “the days of radical sociology [are] ove,” for radical questions about the constitution and direction of economic systems remain not only open but urgent. ‘Our argument proceeds in four parts. We begin by providing a brief overview of the evolving relationship berween geography and sociology, before moving on to consider the contribution of the NES. We then briely explore some of the principal lineages of social-constructionist thought in Marx, Durkheim, and Berger and Lackmann. From this perspective, we make the case for melding insights feom sociological insttuionalism and political economy, inthe service of a more robust conception of the socially constructed, variegated economy. Here, we make a cae fora constitutive and dynamic understanding of insttutionalizaion, in contrast to the static insitutionalism of the varieties of capitalism (WoC) approach. This means more, then, than developing explanations at the level of (con- ‘rete institutions and institutional logics, but calls forthe problematization of the political ‘economy of institutional (e)production itself. In Polanyi’s (1957) cerms, it means asking how ‘economic processes and relations are instituted. Geography, Sociology, and the Mark of the Market Arguably, the three most significant moments of engagement between economic geography and sociology all have origins in the mid-1980s. First, and mainly in the United Kingdom, sociologists joined the research program on localities, spurced by Massey's (1984) work on, changing spatial divisions of labos, which grew into an exploration of the diverse imersections between localized experiences of economic restructuring onthe one hand and shifting gender relations, local-state strategies, and political cultures on the othe. Second came the transat- antic connection forged most notably by Californian economic geographers and continental European sociologists. This centered on the question of post Fordist economic growth and the formation of new industrial spaces, in the wake of Piore and Sabels (1984) The Second Industrial Divide, Third, but slower burning at frst, was the embrace ofthe networks-and- ‘embeddedness paradigm, grounded inthe NES, following Mark Granovette's (1985) seminal Article, which drew attention tothe enduring role of social relations in the organization and conduct of economic life. The first of these projects, on localities, had largely fzled by the‘porensuoup (7261) Sunes SY “2anEALOp AtjemouEpuny suIEUD! 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PPy tp Uo yzeW aque yo] -soanesaduy Butmsonos ,poxes9ue, Jo soU0>IN0 ‘2]geueA 2p pue ‘suonew0y ouo> je>0| sxnouBsp ZuneRAsanu Jo — Ag} [eXHO] ~oporpiou sey pres aq ayBtu a YBnoxpTe“UreIg Puokag 3x} Fane oa poe HUINEY'S9G6T {26S AWONODS G319NWISNOD ATIVDOS HL ONY WSIYNOUNLUSNI TY2!S0I0D0S sO 3d aT ONY TWaIA LL 965598 MATT VIDAL AND JAMIE PECK SOCIOLOGICAL INSTITUTIONALISM AND THE SOCIALLY CONSTRUCTED ECONOMY 599 the problem of scarcity is not a transhistorcal social problem: many hunter and gatherer societies are characterized by low levels of work, a relative abundance of food, shelter and basic material goods, and a general lack of wane, Smelser and Swedberg effectively urged (new) economic sociologists to pursue a program defined alongside orthodox economic, focused on networks as a parallel mode of economic organization, and trust and reciprocity as coexistent modalities of economic bechaviog thereby working around and under the sign of scarcity. Granovetter (1990: 98, 106) has been quite explicit thatthe NES was predicated on a reworked accommodation ‘with orthodox economics, expressing a desire to see orthodox economic theory “sttengeh- ned,” if sociologically adorned, rather than overthtown ~ underscoring his shared concecn With “the positivist quest for general, universal explanations.” In pursuit of a “unified,” “integrated,” and “refined” social science, involving some kind of rapprochement with ‘economics, the keepers of mainstream economic sociology would apparently with to offer up a relatively benign, stylized, sparse conception of the role of socal context in economic ‘The Handbook presented the NES as “fundamentally eclectic and pluralistic,” one in which “the influence of Weber and Parsons can be sen,” though Polanyi’s guest appearances amount to litle more than a “presence” (Smelsce and Swedberg 1994b: 18). The subsequent cherry-picking exercise, however, marginalizes some major sociological currents, including work in the traditions of Durkheim and Schumpeter. Most egregiously, the entice spectrum ‘of Marxist sociology and political economy, from labor-process theory to the regulation approach and world-systems theory, was preemptvely excluded from the NES project (Swed- berg 2004). Indeed, inthe second version of the Handbook, Smelsce and Swedberg (2008: 7) portray Marx as “obsessed,” promptly dismissing his oewore as “dogmatic” and largely “erroneous of not relevant to economic sociology."” On the other hand, much of the plirsl- jam in Smelser and Swedberg’ compendia barely reaches beyond the long shadow of orthodox economics: Williamson's transaction-cost approach, Coleman's rational-choice sociology, and the more heterodox but mainstream straddling evolutionary economics of Richard Nelson being cass in point Tre branding efforts of Smelser and Swedberg notwithstanding, there is also a range of sociological subfields chat do economic sociology even if they do not identify as suc, include ing sociologies of work, occupations and employment; organizational insttutionalis ‘comparative insttuionalism/poltical economy; development theory; world-systems theory, historical sociology; and stae theory. Most would agree that the neeworks-and-embeddedness approach also belongs in this big tent, even those who question the presumptuousness of some NES scholars who attempted to refashion the tent in thei own image, in the process excluding or marginalizing traditions inconsistent with their methodological oF ideological leanings. 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In any case, in building on Marx and Durkheim (as well asthe social psychology of George Herbert Mead and phenomenology of Alfred Schutz), Berger and Luckmann presented the most systematic case for social constructionism, which we briefly {In Berger and Luckmann’s (1966) formulation, the development, through interaction, of ingustctypifications” or “zones of meaning” duly forms the basis of social order, laying the foundations forthe production of both selves and distinctive cultures, a la Marx. Insti tutionalization occurs when “reciprocal typificatons,” or shared understandings, become ‘taken for granted in effect, as socal facts. As the sphere of taken-for granted routines widens, this establishes “the roots of an expanding inttutional order” and makes posible an expanded division of labor. As these cultural institutions are passed down to subsequent Benerations, they achieve an objective realy, establishing social reality sui generis la Durkheim. Objectfed understandings (based on sedimented experiences) eventually become detached from concrete individval biographies, taking the form of cultural understandings. This detachment allows the process of legitimation to occuy, through which institutional arange- ‘ments can be gradually endowed with new meanings (Berger and Luckmann 1966: 37-8), CCrivcally,*since humans beings are frequently stupid, institutional meanings tend to become simplified in the process of transmission, so that che given collection of institutional formi~ Ine’ can readily be learned and memorized” (Berger and Luckmann 1966: 70). Thus, for instance, a vulgar cultural logic in which markets and the private sector are associated with efficiency, whereas the state and public sector are seen as wasteful, assumes a taken for ranted status in politcal and policy discourses. 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AWONODa G31DnASNOD ATIVDOS 3HL ONY WSMYNOUNLUSNI WW>!DOTODOS 303d aWWV ONY WwaIn LIV 09606 [MATT VIDAL AND JAMIE PECK ‘of control: a surplus of financial capital and an exhaustion of opportunities for invesonen ia "he productive sectors of the economy due to overaccumulation (Foster and Magdoit 2009) To be fiz, Figscin and Markowitz realized their own explanatory goals, and they Ray be art of the majoctarian camp of sociologists that explicitly prefer midrange theory to “grand narratives.” Likewise, oC scholars may eschew “structural determanins ‘explanations. But our point here, echoing Burawoy (2001), is ehat processes of instnoronsl ‘ation are structured by generalized capitalist dynamics tha variously infuse, lurk bercarh Or Sat actos the much-vaunted varieties and indeed the revealed geographies of acrealy EFeting nsttacons, However, while Burawoy would apparently wish to dispense with many ofthe (contingent) institutional layer that are so often afforded explanatory weigh, by bork sconomie sociologists and economic geographers, in contrast we retain an allegiance vo she ‘ceulaionst position tha capitalist dynamics such as competion, profit stratepiey and cans russe ate scuctrally insitionaized in relatively enduring if variegated, ways aston both me and space. Thus, the valorization imperative the tractural presto contin Fedace labor cost and realize prof in final markets ~is an environmental presure that fos {aes ination to (and in ways offen more acutly than) pressures for technical eficieney ot oxsaizational legitimacy (Vidal 2010). tis a commonplace in comparative polite] ‘conomy that product marke suategies, labor markets, and fnancal reps differ nee aly across (national) economies, Sociological instutionalism provides analytical tole wp are bevond stylized dualsms, monochrome geographies, and binary ideal-types found in YoC work, toward an understanding of how general eapcalist pressures, social lations and Dynamics of institutional rationalization, legtimatio, and differentiation may have {ulovomous pols and cultural determinants outside of accumulation srceuses popes to be sure, but understanding to what extent and how the former daletcally menace nah ‘Pressures for valorization and exchange value has the potential to contribuse to » mene cat, Sem and between the cater of formal isituion conventionally peivleged in compare {ie politcal economies lke the VoC program. Although it has been common to ane ‘ser institutional integrity atthe level of national “systems,” such coherence most be des, ‘astra, not assumed. Correspondingly, the proposition that such posthoc funetonalnng "esssaily or even tendentially adhere to national-scale institutions, and theefore ther jintaninfl varity” i primarily expressed at this sale, must also bean open question sn liebe of recent arguments abou regionalization, “hollowing out,” local coptalions eee nationalization, and so forth [The task must be to illuminate how such local constructions of capitalism have evolved, or they ae translated across space and intersect with existing insiwtions, how they ina Fenetate with one another, and how such a geographical sensibility makes «difereoes vy {he form and functioning of variegated capitalist economies, lastrating ths pow, nen "0 the issue ofthe nancial conception of the firm, Fligsteinanpues that there wens dk SOCIOLOGICAL INSTITUTIONALISM AND THE SOCIALLY CONSTRUCTED ECONOMY 607, from a finance conception of control seeing the fm as a bundle of asets, resulting in diver: sification strategies, to a shareholder value conception, For Flgsein, the rss ofthe “existing conception” resulted from a “perception that firms were not profitable enough for their sharcholders” (Fligstein 2001: 147). Now, he does note that there were material elements underlying the perception, namely global competition and general stagnation in the United States. But the explanation still has a contingent flavor, turning on the manner in which institutional investors and financial CEOs framed the problem. Within constrained analytical rameters, this may be fair enough, but it fil o take into account material changes in the broader accumolation regime, notably, growing overcapacity combined with a ballooning surplus of financial capital. Behind the backs of managers, and thei conceptions of contro, lay a historically formed and institutionally regularized model of corporate governance based on vertical integration, mergers, and acquisitions. While it ison Key to note that what is “proftable enough for shareholders” is socially constructed, declining profits and productivity in the 1970s were clearly objective trends i effect, socal facts ~ che cause of which was constructed to derive from the vertically integrated conglomerate behemoths of corporate America. The share. holder value revolution was ideological, indeed, but is material (pre)eonditons included the ‘material combination of overcapacity, surplus capital, and declining profit rates. ‘These historically specific accumulation dynamics, along with other material elements of financial zation (such as the rise of a partly autonomous investor class) set in motion a range of institutional changes leading to, among other things, the predominance ofa logic of share hholder value and a norm of employment externalization ~ outsourcing, downsiing, deunionization, contingent work, parttime work, and market disciplined wage-seting (Pech 20025 Vidal 2011; Vidal forthcoming). These too are now being constructed as socal facts, 8 taken-forgranted parameters of economic life, or as self-evident market imperatives. Conelusi ‘The purpose of this vist to the sociological time before the NES has been to recover some ‘of the fundamental principles of social constructioniss that were lost in the wake of the Parsonian pact between economics and sociology and further mystified by the NES. We have argued that embeddedness, qua orienting concept, cannot alone provide a theoretical basis for realizing a truly sociological heterodox economics. Both sociology and geography have the potential to provide core theoretical pillae of heterodox economies, but they will be tunable to do so unless they transcend the networks-and-embeddedness paradigm in favor of forcefully asserted, socalconstructionst approach to economic analysis. This cannot be accomplished simply by augmenting rational-choice models, by adding a social dimension to ‘economic man, by noting exceptions to the rule of prices, or by promoting networks as a Parallel logic of coordination to markets. Rather, it calls fora properly sociological concep- tion of economy, positioning the socal prior o, rather than afer, the specifi construction that is the marker economy. “I is not prices that determine everything,” Bouediew (2005, 197) once pugnaciously asserted, in defense of such a sociological conception, “but everything that determines prices.” ‘The corresponding task, for ales truncated and timid economic sociology, is not to work ‘with (or around) asocil and faux-universal conceptions, but to work with concepts that are themselves social (Boyer 2003), and therefore always interpretative, always situational, always contested, cially Constructed Econor608 [MATT VIDAL AND JAMIE PECK “To break withthe dominant paradigm, we must... stempe to consuct tealitdefinion of economic reason a5 an encounter between dispositions which are socially consisted (nrlation to a id) and the strctres, themselves socially constructed ofthat eld [] Agents» rete the space [tha isthe economic fld (Bourdieu 2005: 193) If, in reabworld economies, actors operate with “reasonable expectations,” rather than universally rational expectations (Bourdieu 2005: 214), then what are the socioinstnw ‘ional bases of such forms of reason? How are altemate conceptions of reason and logics of action coproduced trough social interaction and jointly implicated in economic struc: tues, routines, norms, and behaviors? How are markets even the most competitive and arm'length of markets, constiuted dough temporally and spatially variable cultural logics, social norms, regulative forms, (organizational) power relations and valorization pressures, habits and dispositions? What are the tolerances of institutional variegation within and indeed beyond currently existing, models of capitalism? These are questions, among others, that economic geographers and economic sociologists might be profitably asking together Notes 1 In thir inzoduction to the fist edition ofthe Handbook, Smee and Swedberg write dhat “Marc's cetly work «olds great inerest™ and that “ts evident that Maras work contains a systematic and in many ways compeling ecount ofthe rz and evolution of apts... Iriel premature, ssc was in Weber’ ime, to declare Mars “totally Bnished” (1994s: 8-9). Howevet inthe second tdion they ate immodeatly damisive, lamely arguing thatthe sole “postive feature of Matx’s spproach is is insight into the extent to which people have been wiling to fight for cei terial Interests throughout history” (2005: 8). 2. This isnot to sages that economic forms of analysis ic, whether macroeconomics o behavioral economics, ate eniely inconsistent with roioogical analysis, or that they donot generate wsfuly insghfltheoreial models and sound empiial findings. Rates, the point i that sociology bas 2 ‘isin meatheoreial core hat is incoasistent with tha of economics, and thatthe formes i based ‘on more realistic assumptions and historically grounded theory. References Aspers,F (2011) Markets, Poiy, Cambdge Aspers,P, Kohl Sand Power, D. (2008) An economic scologial look at gegraphy. Economic Sociol ‘ogy: European Electronic Newsletter, 9,3, 3-16. Baenes, TJ. 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AWWONOD’ G313MuISNOD ATIVIDOS 3HL ONY WSMWNOULNLUSNI W2ID070D05 >Oad aINYT ON TWaIA LIV 019Wiley-Blackwell Companions to Geography Wiley-Blackwell Companions to Geography is a blue-chip, comprehensive series covering cach major subdiscipline of human geography in detail. Edited and contributed by the dsci- plies’ leading authorities each book provides the most upto date and authoritative syntheses available nits field. The overviews provided in each Companion will be an indispensable introduction to the field for stadents of all levels, while the cutting-edge, critical direction will engage students, reachers, and practitioners alike, Publihed A Companion to Political Geography Edited by John Agnew; Katharyne Mitchell and Gerard Toal (Gearoid O Tuathail) A Companion to Cultural Geography edited by James S. Duncan, Nuala C. Jobnsoa, and Richard H. Schein A Companion to Tourism ited by Alan A. Lew, C. Michael Hall, and Allan M. 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