The Cultural Politics of MarketsEdition 1

International markets have emerged as the favoured way of achieving not only economic growth and efficiency but also political freedom and social justice. This book is a study of the social embeddedness of markets, in an era when the ideology of the 'free market' governs development as much as trade.

Using a wide theoretical framework that encompasses both anthropology and geography, Katharine Rankin critiques neoliberal approaches to development, showing that the capitalist market will always be linked to local social structures and cultures of value. Market-led development, therefore, does not necessarily expand opportunity; rather it can deepen existing injustic and inequality.

Using the example of a 'traditional' Newar market town located in the Kathmandu Valley in Nepal, Rankin explores how the 'value' ascribed to social prestige relates to economic opportunity. Showing how those in subordinate social locations are positioned to critique inequality, Rankin argues that planners should pursue progressive notions of development that recognise the critical resources within culture.