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Most key insights of the sociology of markets have been framed as reactions to neoclassical economic views of the functioning of markets. White (1981) suggested that stable production markets were only possible if actors took one another into account in their behavior, contrary to the basic assumption of the neoclassical economic view, which stresses anonymity of actors. Granovetter (1985) extended this argument, suggesting that all forms of economic interaction were centered in social relations, what he called the embeddedness of markets. Various scholars have presented evidence that market embeddedness produced effects that economic models could not predict (Burt, 1983; Zelizar, 1983; Baker, 1984; Fligstein, 1990). The empirical literature has failed to clarify the precise nature of the social embeddedness of markets. Granovetter (1985) argued that network relatedness is the most important construct. Burt …