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Mitchel Abolafia goes behind the scenes with the Federal Reserve's powerful Open Market Committee as it responded to the 2008 financial crisis. Relying on verbatim transcripts of closed meetings, Abolafia shows how assumptions about self-correcting markets stymied the Fed and how its leaders came to embrace new ideas.

For this authoritative collection, Mitchel Abolafia has chosen the most significant previously published papers and articles in the field of economic sociology, which contribute to an understanding of the organisation of markets. Economists are becoming increasingly aware of the institutional nature of markets, but to date, it is economic sociologists who have carried out much of the analytical work on real world market institutions. To develop our understanding of markets, the time is ripe for a fruitful dialogue across the disciplinary boundaries. Although economic sociologists recognize...