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date: 13 December 2018

Markets and Corporations

This is an advance summary of a forthcoming article in the Oxford Research Encyclopedia of Anthropology. Please check back later for the full article.

Corporations are among the most important of the institutions that shape lives across the globe. They often have a “taken for granted” character, both in everyday discourse and in economic or management theory, where they are often described as an inevitable outcome of the natural working of markets. Anthropological analysis suggests that neither the markets that are seen as their foundation nor corporations as social entities can be understood in this manner. Instead, their existence has to be seen as contingent on particular social relations and as being the outcome of long processes of historic conflict. The extent to which, at the start of the 21st century, corporations satisfactorily fulfill their supposed purpose of managing debt obligations in order to stimulate economic growth is particularly open to question. This was traditionally the justification for the establishment of corporations as separate legal actors in economic markets. Some 150 years on, other sociocultural relations and perspectives shape their boundaries and activities in a manner that means that their purpose and character can no longer be assumed on the basis of such axiomatic premises. Instead, their actions can be explained only on the basis of historic and ethnographic analysis of the contests over the limits of relational obligation that shape their boundaries.