Despite the ubiquity of illegality in today’s financial markets and the questions this raises with regard to the social legitimacy of today’s financial industry, systematic scrutiny of the phenomenon of financial crime is lacking in the field of sociology. One field of research in which the illegal dimensions of capitalist dynamics have long taken center stage is the field of white-collar crime research. This article makes available to economic sociologists an overview of the most important conceptual insights generated in the white-collar crime literature. In doing so, its aim is to provide economic sociologists with some orientation for future research on financial crime. Building on the insights generated in wcc literature, the article concludes by suggesting a number of promising avenues for future sociological research on the phenomenon of illegality in financial markets.

Practices within markets are widely regulated and sometimes contested on the basis of moral judgments. Moral entrepreneurs challenge markets and market practices while firms and industry actors defend them, leading to moral struggles opposing different orders of worth. Based on an historical case study, this paper develops a theoretical framework to study moral struggles in markets as social and political processes around commensurability. It identifies three core arenas in which moral struggles play out: ideas, where the morality of specific practices itself is contested and actors ground their moral claims in different institutional orders for legitimation; the economy, where the market viability of changing moral standards is at stake; and politics, where commensuration reflects political power struggles. Through a socio-historical analysis of the fight against battery cages in Swiss egg production in the 1970s and 1980s, the study fleshes out how this moral struggle played out along these dimensions, focusing on the competing discourses, strategies, and tactics of the main moral entrepreneurs and industry associations.