Moral economy: Rethinking a radical concept

This article argues that the original thrust of the moral economy concept has been understated and attempts to cast it in a new light by bringing class and capital back into the equation. First, it reviews the seminal works of Thompson and Scott, tracing the origins of the term. It deals with the common conflation of moral economy with Polanyi’s notion of embeddedness, differentiating the two concepts and scrutinizing the ways in which these perspectives have been criticized. Second, it dispels dichotomist conceptions separating economic practice from morality, or embedded configurations from disembedded ones. Against binary views of the market as a boundless realm penetrating previously untainted moral spheres, it posits that social reproduction is characterized by an entanglement of values, which can only be fully grasped by delineating the contours and characteristics of capital accumulation. Third, it contends that moral economy is a dynamic concept because it accounts for class-informed frameworks involving traditions, valuations and expectations. Finally, it argues that moral economy can enrich the concept of hegemony because it pays attention to the often-contradictory values that guide and sustain livelihood practices, through which cultural domination is reproduced or altered.