Economic sociology analyzes economic phenomena such as markets, corporations, property rights, and work using the tools of sociology. It shares economic theory's attention to the role of interests and rationality, but also emphasizes the importance of social relations and social institutions. Cornell's economic sociologists have looked at the transition to capitalism and its effects on markets, the role of trust in economic life, the classical foundations of modern economic sociology, the relationship between law and the economy, entrepreneurship, and the social organization of labor markets.<br>Ph.D. degree candidates may register in general sociology initially but must select one of the eight areas of concentration before taking the Admission to Candidacy examination. Candidates also choose two minors from sociology or related fields. Students normally take a sequence of core courses in theory and methods but may substitute a general examination in these subjects. Ph.D. students in full-time residence are normally expected to earn the Ph.D. degree within four years. The written and oral Admission to Candidacy examination is usually taken early in the third year, followed by the dissertation and oral defense. One year of directed teaching experience at Cornell is required unless the student is specifically exempted.