Towards a more pragmatic sociology of markets

A satisfactory sociology of markets requires that both order and disorder in markets be addressed, yet sociologists have seemed more concerned with theorizing market stability and order. Change, however, is too fundamental a part of markets to receive so little sociological attention. One perspective that provides a fertile ground for moving ahead with developing an agenda for studying both stability and change in markets is American pragmatist social theory. This article therefore examines the influence of a pragmatist viewpoint on two broad modern theoretical approaches that have implications for the sociology of markets, one focused on stabilization processes, the other on institutional designs for promoting change. Most particularly, it draws on work carried out from a pragmatist viewpoint and illustrates a pragmatic approach to change in markets using the case of the EU’s Forest, Law Enforcement, Governance and Trade (FLEGT) action plan and initiative.