On the nature of markets and their practices

Abstract

This article presents a conceptual model of markets as constituted by practice. Drawing on recent sociological research on the performativity of market theories, the article stresses the need to take seriously the role of ideas in the making of markets. Since extant studies of performativity focus on the role of economics in shaping markets, it is argued that marketing as an academic discipline is a particularly apt partner in expanding this endeavour. The conceptual model presents markets as the ongoing results of three interlinked types of practices: normalizing practices serving to establish normative objectives; representational practices serving to depict markets and/or how they work; and exchange practices serving to realize individual economic exchanges. The links between these practices, which are conceived as translations, are elaborated upon using a number of empirical studies. Finally, the model is used to illustrate differences in how markets are being continuously realized. This highlights the lack of studies on performativity in markets constituted by configurations of market practices in which marketing theories and techniques are likely to be important.