Table Of Content

This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:34:40 UTC All use subject to https://about.jstor.org/terms MARKETS IN THE MAKING This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:34:40 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 11 66//1166//2211 1122::3344 PPMM ALSO IN THE NEAR FUTURES SERIES Portfolio Society: On the Capitalist Mode of Prediction Ivan Ascher Undoing the Demos: Neoliberalism’s Stealth Revolution Wendy Brown Family Values: Between Neoliberalism and the New Social Conservatism Melinda Cooper Rated Agency: Investee Politics in a Speculative Age Michel Feher This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:34:40 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 22 66//1166//2211 1122::3344 PPMM Markets in the Making: Rethinking Competition, Goods, and Innovation Michel Callon TRANSLATED BY OLIVIA CUSTER EDITED BY MARTHA POON n e a r f u t u r e s This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:34:40 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 33 66//1166//2211 1122::3344 PPMM © 2021 Urzone, Inc. ZONE BOOKS 633 Vanderbilt Street, Brooklyn, New York 11218 All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, microfi lming, recording, or otherwise (except for that copying permitted by Sections 107 and 108 of the U.S. Copyright Law and except by reviewers for the public press), without written permission from the Publisher. Originally published in France as L’Emprise des marchés: Comprendre leur fonctionnement pour pouvoir les changer © 2017 Éditions la Découverte Cet ouvrage a bénéfi cié du soutien des Programmes d’aide à la publication de l’Institut français. The publisher would also like to thank the French Ministry of Culture for assistance with this translation. Printed in the United States of America. Distributed by Princeton University Press, Princeton, New Jersey, and Woodstock, United Kingdom Library of Congress Cataloging- in- Publication Data Names: Callon, Michel, author. | Poon, Martha, editor. Title: Markets in the making : rethinking competition, goods, and innovation / Michel Callon ; translated by Olivia Custer ; edited by Martha Poon. Other titles: Emprise des marchés. English Description: Brooklyn, New York : Zone Books, [2021] | Series: Near futures | Includes bibliographical references and index. | Summary: “If you’re convinced you know what a market is, think again. As product designers and entrepreneurs soon discover, stable commercial transactions are more enigmatic than economic theory makes them out to be. Slicing through blunt theories of supply and demand, Michel Callon presents a rigorously researched but counterintuitive model of how everyday market activity get produced, at scale.” — Provided by publisher. Identifi ers: lccn 2021010740 (print) | lccn 2021010741 (ebook) | isbn 9781942130574 (hardback) | isbn 9781942130581 (ebook) Subjects: lcsh: Markets. | Marketing. | Capitalism. | Consumer goods. | Commercial products. Classifi cation: lcc hf5471 .c3513 2021 (print) | lcc hf5471 (ebook) | ddc 330.12/2 — dc23 LC record available at https://lccn.loc.gov/2021010740 LC ebook record available at https://lccn.loc.gov/2021010741 This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:34:40 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 44 66//1166//2211 1122::3344 PPMM CONTENTS PREFACE TO THE ENGLISH EDITION 9 INTRODUCTION: THE ENIGMA OF THE MARKET 15 From the Streets of London . . . . . . to the Strip in Las Vegas I FROM INTERFACE MARKETS TO MARKET AGENCEMENTS 31 What Is a Market? The Interface Market Model Toward the Model of Market Agencements Chapter Summaries: Understanding Markets as Framings II THE PROCESS OF MAKING GOODS MOBILE AND ALIENABLE 63 I THE PROCESS OF MARKET PASSIVA(C)TION Spaces of Circulation and the Careers of Goods Disentangling Things from a Density of Associations Framing Reentanglement: Passiva(c)tion Nonmarket-Oriented Passiva(c)tion: Keeping while Giving Market-Oriented Passiva(c)tion: Disentanglement with Detachment The Problem of Property Rights II MARKET-ORIENTED PASSIVA(C)TION IS A NEVER-ENDING ODYSSEY: THE TELLING EXAMPLE OF COMMODITIES DEEMED FICTITIOUS Human Labor Land Money and Its Derivatives The Passiva(c)tion of Certain Living Beings Some Final Remarks on Overcoming Trials of Strength in Passiva(c)tion This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:35:08 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 55 66//1166//2211 1122::3344 PPMM III AGENCIES AND THEIR QUALCULATIVE EQUIPMENT 149 There Are a Multitude of Agents with Diff erent Equipment Enriching Our Description of Agents and Their Equipment From Calculation to Qualculation Qualculative Agencies Some Examples of Diverse Agencies and Their Equipment Power Dynamics between Agencies Qualculation Devices Are the Equipment of a Habitus IV ORGANIZING MARKET ENCOUNTERS 201 Encounters Create Value Encountering Platforms and Their Networks Platforms as Exploratoriums Singular Multitudes Matters of Concern V AFFECTIO MERCATUS: ATTACHMENTS AND DETACHMENTS 245 Searching for Aff ectio Mercatus How Goods Get Attached and Detached Three Attachment Devices for Engaging Goods More and More Attaching Attachments? VI PRICE FORMULATION 287 Theories of Pricing in Interface Markets Price Formulation Price Formulation Singularizes Goods This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:35:08 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 66 66//1166//2211 1122::3344 PPMM Why Price Competition and Nonprice Competition Is a False Distinction How Price Becomes a Tool for Ranking Formulations Are Everywhere The Power of Formulas Confronting Formulas How Problems Can Incite Demands for Reformulation What about Morality? VII HOW DO MARKET AGENCEMENTS EVOLVE? 355 Why the Term Market “Agencements” and Not “Dispositifs”? An Agencement Acts There Are No Market Agencements without Nonmarket Agencements The Dynamics of Concerns VIII THE ROLE OF THEORIZATION IN TRANSFORMING MARKETS 387 Theory as Contribution to the Expression of Concerns: Reopening the Debate about Financial Markets and Their Design Avoiding the Worst: Climate Change Policies and Theoretical Realism How Market Agencements Coexist: The Case of Genetically Modifi ed Crops NOTES 427 INDEX 499 This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:35:08 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 77 66//1166//2211 1122::3344 PPMM This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:35:08 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 88 66//1166//2211 1122::3344 PPMM Preface to the English Edition This book is the culmination of a research career I began in the 1970s, which, over the course of many years, led me to ask questions about the meaning of the word “market.” The word itself does not seem complicated, yet its signifi - cance remained a mystery to me for a long time. I am aware that my feelings are not shared by the majority. Many are convinced they know what a market is because they are told they live in market economies. Others trust in experts who have been writing on the topic over the course of several centuries. One of the objectives of this book is to per- suade the reader that we need to reexamine our most deeply held convictions. The feeling of false familiarity is not the only obstacle to fully understanding how markets are formed and how they transform. With so many chal- lenges to the future of our societies, whether it be climate change, ecological damage, human rights, growing inequality, or geopolitical confrontations, it can feel like markets are of secondary importance. Circumstances conspire to edge markets out of our attention and dissuade us from deepening our explo- ration of what they can do or make happen (in French, faire-faire). This book takes a gamble in the opposite direction. It takes seriously the famous affi rmation of economist and anthropologist Karl Polanyi when he evokes the possible role of markets in the future: “The end of market society means in no way the absence of markets. These continue, in various fashions, to ensure the freedom of the consumer, to indicate the shifting of demand, to infl uence producers’ income, and to serve as an instrument of accountancy, while ceasing altogether to be an organ of economic self-regulation.”1 9 This content downloaded from 146.50.98.29 on Tue, 31 May 2022 10:35:40 UTC All use subject to https://about.jstor.org/terms CCaalllloonn__ppaaggeess__1177..iinndddd 99 66//1166//2211 1122::3344 PPMM