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Society and Market in the Era of Globalization

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For more content, please see Journal of Developing Societies.

This chapter considers the meaning of the terms "society" and "market," and the need for markets to be institutionalized and legitimated. Obligatory norms and recommendatory guidelines today come from many sources: from states, from groupings of states, and from worldwide bodies such as the IMF, the WTO, and the World Bank. But when markets create profound inequalities both within and between societies, how do we determine what limits ought to be placed on markets? Since economic institutions are inseparable from culture, this is the "site" where the public will have to decide what is "society," what is the "market," and what will be the relation between them.


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