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The purpose of this book is to explore new developments in the field of economic sociology. It contains cutting-edge theoretical discussions by some of the world's leading economic sociologists, with chapters on topics such as the economic convention, relational sociology, economic identity, economy and law, economic networks and institutions. The book is distinctive in a number of ways. First, it focuses on theoretical contributions, by pulling together and extending what the contributors...

In the Marxist tradition, capitalism is understood as a commodified society based on markets. The article argues that the ultimate justification of this position does not lie in any ‘materialistic’ approach, but in the disembedding of markets that was the result of the historical ‘Great Transformation’ analysed by Karl Polanyi. Disembedded markets are not an economic subsystem within society but take the place of the most encompassing social system, which Durkheim had reserved for religion....

This article discusses the difference between a social policy approach to the regulatory embedding of a market and a moral economy approach using the insurance case wherein the European Union's Court of Justice ruled that insurers may not discriminate on grounds of sex in identifying risks.

To grasp what might exist beyond neoliberalism, we need to rethink the history of development before neoliberalism. This article makes two arguments. First, for poorer countries, processes of commodification which are highlighted as evidence of neoliberalism often predate the neoliberal era. Third World development policies tended to make social and economic life more precarious as a corollary to capital accumulation before neoliberalism as an ideology took hold. Second, the intense...

The issue of whether transnational risk can be regulated through a social sphere goes to the heart of what John Ruggie has described as 'embedded liberalism': how capitalist countries have reconciled markets with the social community that markets require to survive and thrive. This collection, located in the wider debates about global capitalism and its regulation, tackles the challenge of finding a way forward for regulation. It rejects the old divisions of state and market, citizens and...

Social scientists have drawn on theories of embeddedness to explain the different ways legal, political, and cultural frameworks shape markets. Often overlooked, however, is how the materiality of nature also structures markets. In this article, I suggest that neo-Polanyian scholars, and economic sociologists more generally, should better engage in a historical sociology of concept formation to problematize the human exemptionalist paradigm their work upholds and recognize the role of nature...

This article considers Corporate Social Responsibility (CSR) as part of the projects in ‘new governance and decentred regulation’, which draw social forces towards the regulation of economic behaviour. It uses Karl Polanyi to open up pertinent interfaces between society and economy for observation, and Gunther Teubner to substantiate a ‘regulatory’ view of the company's social relationships. The article finds that CSR combines movements for the recognition of social relationships, on an...

The concept of marketization denotes the expansion of market coordination into non-market coordinated social domains as well as its intensification in already market-dominated settings. This article sets out to reconstruct an institutionalist theory of marketization. As a point of departure, it critically examines the related contributions of Karl Polanyi and Jürgen Habermas. The analytical strength of Polanyi's theory of marketization lies in the discussion of the contested embeddedness of...

Purpose – The purpose of this paper is to critically examine the reasons behind a decade long contestations between the Georgian government and the petty traders over the access to the public space for commercial use. Design/methodology/approach – The paper relies on the repeated ethnographic fieldwork conducted in Tbilisi in 2012 and 2013. The ethnographic interviews with legally operating traders and illegal street vendors are supplemented by the in-depth interviews with the...

This article shows, through a detailed examination of Karl Polanyi’s published works and unpublished writings, that Polanyi relies heavily on the neoclassical economics of his time in his conceptualization of the market in capitalist societies. This approach is instrumental to the thesis of The Great Transformation concerning the destructive impact of the market on society. However, such an analytical perspective neglects the social character of the market economy. This perspective is also...

This article attempts to provide a critical understanding of the dual signification of “precarity”. It explores what “precarity” as a concept may potentially offer to studies of the changing contemporary political economy of migration. It discusses shifting trends in global migration and point to tendencies for a possible convergence between “South” and “North”, “East” and “West”. Based on a review of current advances in research, it discusses, with reference to the classical work of Karl...

The current scenario in western countries is characterised by a crisis over the last thirty years of class conflict; by the mainly negative consequences of globalisation and of the transformations by production processes of the mobilising strength of work; by the cancellation of the relationship between labour and political representation; by the difficulties of traditional trade unionism; and by the emergence of the social movement unionism (SMU) paradigm. In this article, these phenomena...

A decade before Foucault began to work with the related concepts of biopolitics and biopower, Gellner posed a series of questions which are suggestive of a similar line of inquiry. Gellner did not pursue this strand of his thought as an historical sociologist however. Instead he packaged it into a functionalist account of how industrial society reproduces itself. In Gellner’s writings, biopolitics is both present and absent, like a redacted text. This is the focus of this article, which...

This article examines the use of competition as an object and mode of governance. It first considers how competition might become a principle of economic organization and, relatedly, how it may become part of state projects and practices. Second, it comments on the discursive and material dimensions of competition, considering it as a social construct and as a social constraint. Third, it examines the rather idealized representations of competition in the broader doxa of liberalism and...

The grip of austerity in European politics since 2008 presents a double puzzle: electorally weak center-left parties offering no definite alternative, and the surprisingly efficient pursuit of “fiscal consolidation”. To understand this double puzzle this article investigates the institutional bases of alternative economic thinking during the 1930s versus the post-2008 crisis years. Noting the recent prominence of a new social type, the European economist-technocrat (eet), I highlight the...

This article seeks to use Karl Polanyi's book, The Great Transformation, first published in 1944, to understand the global financial crisis that began in 2008. Polanyi's basic premise was that a great crisis must result from powerful causes. He argued that the crisis of the 1930s was a consequence of three distinct processes: deep imbalances in the global trading system, a crisis within the global financial mechanism that was supposed to manage those imbalances, and a failure of adaptation...

Polanyi offers a powerful vision of a “great transformation” that will reverse the subordination of society to the economy and reassert the primacy of social protection in the context of modern society. Pursuit of the great transformation is one way of conceptualizing the quest for “development” in the positive sense of ecologically sustainable human flourishing. This paper explores how the contemporary interaction of national and global political dynamics affects the trajectory of Polanyi's...

The state incentivizes investors to entrust capital to public corporations by granting shareholders enforceable rights over managers. However, these rights create legal “access points” through which social movements can make nonpecuniary claims on the corporation. I use original historical research on the Securities and Exchange Commission’s administration of federal securities law to show that concern over nonpecuniary claims motivates the state to enact the role of “market protector.” In...

Karl Polanyi’s book The Great Transformation is a classic... it has come to be recognized as a founding charter for economic sociology. It anticipated major accomplishments of late-twentieth-century social science (including, among others, Ben Bernanke’s studies of the Great Depression and Amartya Sen’s work on famine). Its core problems—how do societies respond to globalization? how do they address the risks of market failure?—are central to contemporary macrosociology. It is probably time...