The power struggle within the firm determines which conception of control will dominate and how that conception will be translated into concrete stra… - Neil Fligstein

The organizational fields of the largest firms continued to be unstable. There were no accepted rules to define how firms could avoid destructive competition, so they attempted to control their markets through various aggressive trade tactics, continued mergers, cartels, getting the federal government to guarantee profitability.

The basis of social skill is the ability to relate to the situation of the ‘other.’ This means that whereas a given strategic actor has interests, he or she must take other people’s interests into account… to imaginatively identify with the states of others.

I use the metaphor "markets as politics" to create a sociological view of action in markets. I develop a conceptual view of the social institutions that comprise markets, discuss a sociological model of action in which market participants try to create stable worlds and find social solutions to competition, and discuss how markets and states are intimately linked. From these foundations, I generate propositions about how politics in markets work during various stages of market development-- formation, stability, and transformation. At the formation of markets, when actors in firms are trying to create a status hierarchy that enforces noncompetitive forms of competition, political action resembles social movements. In stable markets, incumbent firms defend their positions against challengers and invaders. During periods of market transformation, invaders can reintroduce more fluid social-movement-like conditions.