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Most insights of sociological markets have been framed as reactions to the neoclassical economic views of functioning markets Many sociologists prefer the idea that all forms of economic interaction were centered in social relations many sociologists have stated that embedded markets produce effects of economics Network theory argues that an embedded market shifts firms motivations away from the narrow pursuit of immediate economic gains toward the enrichment of relationships through trust and reciprocity These Social networks consist with strong ties and weak ties which could be used for enrichment of relationships information exchanges and business cooperation However there are issues embedded in the networks in markets that I will compare and contrast Whites theory of markets which self-reproduce social structure among different firms and other actors whose roles evolve from observations of each others behavior According to White the key fact is that markets are social structures in which producers reproduce their own set of actions the set confirms as correct each firms expectations of what it hoped One aspect of Whites theory states that markets are not primarily viewed as price determining mechanisms or places of exchange but as devices that link firms through social relations and direct communication These dense networks of social ties exist for a reason Firms watch each other within a market through social networks and economic interactions According to White pressure from the buyer side creates a mirror in which producers see themselves not consumers Therefore a successful firm best manages production by examining the prior performance of their collaborators and competitors rather than market data of buyers And Markets are regulated and developed through interactions between firms and networks In contrast Neil Fligstein created a political-cultural approach to markets Neil uses the metaphor of Markets as politics as the unifying construct which focuses on how social structures are produced to control competition and organize the firm This potential of price competition is often used to undermine market structures
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