From Myths to Markets

Abstract

This article posits that institutionalized mythologies can create comparative production advantages. Myths shape collective identity, mobilize actors, and fundamentally reshape production dynamics. Myths are institutionalized in market rules, regulations and structures, leading to the reification of the myth. The myth functions as if it is true, not because it is true, but because it shapes the rules of production. Yet without the initial myth, specific production incentives—and even their institutional comparative advantages—would not exist. My theory integrates approaches from modernist historians (“imagined communities”) and economic sociologists (“imagined futures”) to explain how myths (“imagined histories”) shape contemporary market outcomes, using the example of the French wine market. This argument contributes to the historical institutionalist approach, which focuses on the historical power dynamics between competing groups and the present-day social and market consequence of their institutionalized solutions.

Not WEIRD at all! Towards More Pluralistic Economies and Sustainable Livelihoods

“…Reinforcing Yurdakul and Atik (2016), their coping strategies were based on collectivist beliefs; deploying their capabilities to pursue desired outcomes in spite of structural constraints. Supporting recent work (Layton, Domegan, and Duffy 2022;Tang and Blocker, 2022), the women adapted to environmental hostility by drawing on their communities of practice, social ties and kinship networks, highlighting the importance of communal resilience and collective action (Beninger and Francis 2021;Carter 2019;Lindeman 2014;Sen 2005). The MFEPs demonstrated attributes of successful group functioning i.e., strong identity and purpose, inclusive decision-making, fast and fair conflict resolution mechanisms, local autonomy, and agreed on behaviors (Layton, Domegan, and Duffy 2022).…”

“…In emerging and transitional economies, modest livelihoods can be generated by marginalized and vulnerable individuals, in aggregate constituting a significant portion of GDP (Horodnic et al 2017). However, modernization motivates governments to exert greater control of economic and social activity (Carter 2019; Xheneti, Madden, and Kharki 2019). “ Development rests on the idea that certain actors and institutions can and should intervene, organize, and shape the economies and societies of a target (poor) population, with the ostensible aim of improving a particular aspect of economic and social life of the target group.” (Figueirdo et al 2015, p. 258).…”

“…Critiques of market reification are nothing new (e.g., Benton 2021 and Carter's 2019 historical overviews; Fisk 1974; Handy 1998; Hart 2007). Macromarketers offer relatively gentle admonishments (e.g., Varey 2010) and stronger talk of ‘neoliberal beasts unleashed’ (Dholakia, Ozgun, and Atik, 2020, p. 868).…”