Abstract (EN)

“Fundamental assumptions about the business need to be changed. (…) People were so busy working on the nuts and bolts of the reorganization, we failed to step back and assess how the world was changing around us.” (Raytheon’s CEO, 1999) This is one of many quotes that translate the doubts that can arise and be formulated when market dynamics are controverted, when markets become riddled with ambiguities and transform into “hot situations” (Callon, 1998). The paper aims to discuss the methodological challenges raised by the observation and analysis of such uncertain situations. It starts with three assumptions on the nature of markets. 1° Markets are sociotechnical agencements of theories, practices, and devices. 2° Markets are performed by the relations between these three entities. 3° Markets are an ongoing and uncertain process of framing and overflowing of these relations. Such assumptions are in line with Actor-Network Theory but differ from classical studies on markets. First, we extend the ontology of markets participants both to human and non-human beings (Callon, 1986). Second, while some works focus on the stability of markets shaped by power structures (Fligstein, 2002) or technical determinism (David, 1985), we put the stress on the doubts of market actors and the intertwining of the language-games that they generate (Depeyre & Dumez, 2008). Third, while some approaches consider an already existing state of the world, we explore the market in the making (Callon, 1998). In line with this framework, the paper articulates four methodological propositions: P1. Studying controversies. They are critical moments during which people make sense of a situation by confronting their interests, their beliefs, or their values, and, by doing so, are elaborating social facts (Latour, 1988). This principle aims at capturing the performative dimension of markets (MacKenzie et al. 2007). P2. Following the actors. As controversies develop, actors exchange arguments, use material devices and deploy strategies. They carry out a triple inventory of the market (Callon et al., 2009): they define the interests, the identity, and the role of market’s participants; they connect problems under discussion and other problems with which some committed groups strive to establish links; they explore some unexpected solutions. This principle aims at respecting the uncertainty of markets. P3. Adopting methodological pluralism. Who wants to follow the actors needs to be mobile. It leads researchers to use various sources and types of data. This principle aims at capturing the heterogeneous relations linking theories, practices, and market devices. P4. Narrating the market. The inquiry produces a narrative that 1° highlights theories, practices, and market devices, 2° reveals the doubts that are raised, and 3° identifies the turning points (Abbott, 2001) shaping the market process. This principle aims at respecting the complexity of the market process. We thus propose to study controversies not as isolated moments, but as narrative events that make markets. Each proposition is discussed and illustrated with examples from a case study about the US defense industry (a context where market participants have faced