Explaining “Market Authority” and Liberal Stability: Toward a Sociological–Constructivist Synthesis

Abstract

Irrespective of the occasionally destructive financial consequences for individuals and the global economy, and warnings of its imminent collapse by critics, a globalising regime of capital mobility and neoliberal domestic policies appears in no danger of imminent collapse. This article explores the sources of the erstwhile stability of a liberal global economic order. The social mechanisms whereby people in many of the most capable states give their consent to “market authority” are explored with reference to Max Weber's sociology of legitimacy and Anthony Giddens' sociology of modernity. A constructivist theoretical construct of the changing “structure of intersubjective public belief” is developed as an explanatory heuristic. Liberalism is criticised for its conflation of choice with consent regarding its treatment of market processes, and vulnerabilities resulting from inconsistencies among liberal treatments of these are discussed.