Innovation and the theory of fields

Abstract Innovation does not just involve the creation of new products, but also includes need for kinds processes and organizations. Field theory can help us understand why some innovations are more piecemeal others revolutionary. It explicitly links innovation to process emergence, adjustment, transformation markets (conceived as fields). To illustrate this perspective, case transition in U.S. from a mortgage market dominated by savings loan banks emergence securitization government sponsored enterprises largest private banks, is explicated. helps logic myriad players that helped produce large part what we consider be modern finance. The shows limits economic theories financial sociology I end with discussion how field inform subsequent research on innovation.