When Markets Are Social Institutions: Moral Economy and Symbolic Capital in the Buffalo Trade at Bolu Market, Toraja ?
DOI: https://doi.org/10.70184/ee545j85
Economic sociology; , traditional markets; , purchasing decisions; , symbolic value; , social embeddedness; , North Toraja
Abstract
Traditional animal markets function not only as arenas for economic exchange but also as social spaces shaped by cultural values, social networks, and local power structures. This study aims to analyze the processes of purchasing decision-making and buffalo price determination at the Bolu Animal Market in North Toraja, Indonesia, from the perspective of economic sociology. A qualitative approach with a case study design was employed. Data were collected through participant observation, in-depth interviews with traders, buyers, and customary leaders, as well as supporting documentation. The data were analyzed thematically using the theoretical framework of social embeddedness (Granovetter), moral economy (Polanyi), and social and symbolic capital (Bourdieu).
The findings reveal that purchasing decisions and price formation in the buffalo market are not solely determined by price considerations or economic rationality. Instead, these processes are strongly influenced by the symbolic value of buffalo, family honor, and social legitimacy embedded within the Torajan cultural system. Decision-making emerges through the interaction between the physical characteristics of buffalo such as body condition, gender, and culturally recognized markings—and the social structures of the market actors, including social status and relational networks.
This study demonstrates that traditional market practices in Toraja are deeply embedded in socio-cultural structures, highlighting the relevance of economic sociology in understanding the dynamics of traditional livestock markets.
References
North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press.
Polanyi, K. (1957). The great transformation: The political and economic origins of our time (2nd ed.). Beacon Press.
Veblen, T. (1899). The theory of the leisure class: An economic study of institutions. Macmillan.
Waterson, R. (1984). The cultural context of Toraja society. Cornell University Press.
Volkman, T. (1985). Ritual, status, and cattle in Toraja. Yale University Press.
Zelizer, V. A. (1994). The social meaning of money. Basic Books.
Zelizer, V. A. (2020). Economic lives: How culture shapes the economy (2nd ed.). Princeton University Press.
Published
Issue
Section
Categories
License
Copyright (c) 2025 Isak Pasulu, Elisabet Pali (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain the full copyright of their published articles. By submitting and publishing their work, authors grant Vifada Management and Social Sciences the right of first publication. All published articles are simultaneously licensed under the Creative Commons Attribution License (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided that the original author(s) and the initial publication in this journal are properly acknowledged.
