The market-liberal approach to climate protection has failed. Neither international climate agreements in the wake of the “liberal compromise”, nor private initiatives or the individualization of responsibility have brought about significant emission reductions. The current issue of Economic Sociology: Perspectives and Conversations explores the promises and realities of climate governance in a capitalist world. With contributions from editor Leon Wansleben, as well as Stéphanie Barral, Matthias Täger, Jose Maria Valenzeula, Nacxitl Calva, and Kohei Saito.

Dustin Voss was awarded the Best Paper Prize by the journal Socio-Economic Review in April 2025. In his paper “Sectors Versus Borders: Interest Group Cleavages and Struggles Over Corporate Governance in the Age of Asset Management,” Voss examines the role of global asset managers such as BlackRock in the context of a reform to co-determination in Germany. Voss’s study shows how coalition-building is a crucial determinant of the political power of international financial actors and how corporatist institutions still act as a shield against financialization.

Money, capitalist market societies' paramount contract, relies on the belief in its enduring value. But how is our collective trust in the enduring value of money socially built, and what happens if people lose such trust? What if a society convinces itself that policymakers cannot guarantee that the value of money will persist over time? In a new MPIfG Discussion Paper, Guadalupe Moreno uses Argentina as a monetary laboratory to study the effects of almost eighty uninterrupted years of high inflation and successive currency crises on the Argentine economy.