Are markets simply arenas of supply and demand, or are they structured social fields shaped by power, norms, and institutions? How do firms cooperate and compete at the same time? And what happens when political forces reshape the architecture of entire industries?

Neil Fligstein is a Professor of Sociology at the University of California, Berkeley and one of the most influential scholars in economic sociology. His work examines how markets are constructed, how firms create stability in uncertain environments, and how states and corporations interact to shape economic outcomes. He is known for his theory of strategic action fields and for his analyses of corporate governance, European integration, and financialization.

In this episode, we explore Neil’s argument that markets are not natural or self organizing phenomena. They are socially constructed arenas in which actors struggle over rules, positions, and legitimacy. He explains how firms seek stability by creating shared understandings and institutional arrangements that reduce uncertainty, and how dominant actors often shape these rules to their advantage.

Our conversation also turns to the broader implications for education and public understanding. If markets are structured by law, politics, and social norms, then economic literacy requires more than technical knowledge of prices and incentives. It demands institutional awareness and historical perspective. This episode challenges the idea of markets as neutral mechanisms and instead invites listeners to see them as deeply embedded in social and political life, with profound consequences for democracy and inequality.