Approaches to theorizing markets

Purpose. In the last 5 years a debate has risen on the concept of markets, on how markets come to being, and on the role of practices and its dynamics. There have been some cross referencing between authors but, so far, no effort has been conducted analysing the links between the various perspectives within the debate on the concept of the market. This paper aims to address this gap and to propose an integrative framework. Methodology/approach. Through a literature review, the paper focuses on recent studies about new conceptualizations of the market. Findings. From the analysis it emerges that scholars are moving their focus from marketing to markets, where markets are seen as a socio-historically situated institution. The authors develop an integrative framework of the emerging interpretations of the market. The framework indentifies two core categories (market process and market outcome) and the links between them. Research Implications. This paper offers a contribution to the debate about markets, outlining some directions for the research. Practical Implications. A deeper understanding of the market concept and its functioning can help practitioners in their market co- creation process. Originality/value. As several studies are theorizing new conceptualizations of market, this paper offers an insightful review of the state of the art and makes a contribution for a further development.