Which Markets, Whose Rationality? Markets as Polyvalent Political Devices

This article explicates and critiques an understanding of markets that is dominant in much contemporary political theory. Drawing on the insights of new materialist economic sociology, it argues that the divide between “the political” and “the market” that grounds many recent analyses cannot ultimately be sustained. Conceptualizing markets not as abstract, impersonal mechanisms but as polyvalent assemblages, the paper develops a view of markets as material devices subject to a wide variety of political inflections and deployments. This understanding is then used to clarify some of the disputes between market-friendly neo-republican theorists and their critics. The article argues that markets are best conceptualized as political institutions (rather than as alternatives to politics). It commends an approach to political theorizing that moves beyond “pro-” and “antimarket” positions, focusing instead on the material details of market configurations and their consequences for agency and social power.