An in-depth examination of the regulatory, entrepreneurial, and organizational factors contributing to the expansion and transformation of China’s supplemental education industry.

Like many parents in the United States, parents in China, increasingly concerned with their children’s academic performance, are turning to for-profit tutoring businesses to help their children get ahead in school. China’s supplemental education industry is now the world’s largest and most vibrant for-profit education market, and we can see its influence on the US higher education system: more than 70% of Chinese students studying in American universities have taken test preparation classes for overseas standardized tests. The Fruits of Opportunism offers a much-needed thorough investigation into this industry. This book examines how opportunistic organizations thrived in an ambiguous policy environment and how they catalyzed organizational and institutional changes in this industry.

A former insider in China’s Education Industry, sociologist Le Lin shows how and why this industry evolved to become a for-profit one dominated by private, formal, nationally operating, and globally financed corporations, despite restrictions the Chinese state placed on the industry. Looking closely at the opportunistic organizations that were founded by marginal entrepreneurs and quickly came to dominate the market, Lin finds that as their non-compliant practices spread across the industry, these opportunistic organizations pushed privatization and marketization from below. The case of China’s Education Industry laid out in The Fruits of Opportunism illustrates that while opportunism leaves destruction in its wake, it can also drive the formation and evolution of a market.

In the wake of million-dollar scandals brought about by Michael Milken, Ivan Boesky, and their like, Wall Street seems like the province of rampant individualism operating at the outermost extremes of self-interest and greed. But this, Mitchel Abolafia suggests, would be a case of missing the real culture of the Street for the characters who dominate the financial news.

Making Markets, an ethnography of Wall Street culture, offers a more complex picture of how the market and its denizens work. Not merely masses of individuals striving independently, markets appear here as socially constructed institutions in which the behavior of traders is suspended in a web of customs, norms, and structures of control. Within these structures we see the actions that led to the Drexel Burnham and Salomon Brothers debacles not as bizarre aberrations, but as mere exaggerations of behavior accepted on the Street.

Abolafia looks at three subcultures that coexist in the world of Wall Street: the stock, bond, and futures markets. Through interviews, anecdotes, and the author’s skillful analysis, we see how traders and New York Stock Exchange “specialists” negotiate the perpetual tension between short-term self-interest and long-term self-restraint that marks their respective communities—and how the temptation toward excess spurs market activity. We also see the complex relationships among those market communities—why, for instance, NYSE specialists resent the freedoms permitted over-the-counter bond traders and futures traders. Making Markets shows us that what propels Wall Street is not a fundamental human drive or instinct, but strategies enacted in the context of social relationships, cultural idioms, and institutions—a cycle that moves between phases of unbridled self-interest and collective self-restraint.