Year: 2025
Type: article
Abstract: This paper examines market dynamics as the leading factor of social change, drawing upon the theoretical framework established by Randall Collins (1990) in his seminal work.The study delves into how markets, as social structures, shape and transform societies through mechanisms of expansion, growth, and crisis.By contextualizing market dynamics within the broader discourse of economic sociology, particularly the embeddedness of markets in social relations (Granovetter, 1985), this paper underscores the fundamental role of market forces in both the evolution and collapse of social structures.The historical development of markets illustrates their deep entwinement with modes of production and social organization, from barter systems to the complexities of global capitalism.Drawing from Marx and Engels' classification of historical social structures-primitive communism, slavery, feudalism, and capitalism-Collins reinterprets the "mode of production" as the "mode of market" to argue that economic transitions are primarily market-driven.The sixfold hypotheses proposed by Collins provide a framework for understanding market transformations: property exchange as a foundation of market relations, stratified market participation leading to inequality, lateral market expansion, qualitative market growth, the rise of superordinate markets, and the inevitable crises stemming from monopolization and systemic contradictions.By incorporating insights from recent economic crises, particularly in the West, this paper critically assesses the limitations of Collins' approach, which emphasizes market expansion but largely omits discussions on economic collapse.It further explores non-economic dimensions of market influence, including political and cultural markets that contribute to systemic change.Ultimately, this study affirms that market dynamics not only propel economic transactions but also serve as a central engine of historical transformation, driving shifts in social order and institutional structures.
Source: Journal of National Development
Author: Keshab Raj Silwal
Institution: Tribhuvan University
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4412417853