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The essay, after trying to do a synthesis of today's debate about business and ethics, proposes to return to Karl Polanyi starting from a different meaning of the three founding principles proposed by the author (exchange, reciprocity and redistribution).
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Economists are fond of proposing market solutions for many problems of resource allocation, while scholars from other social disciplines are often less inclined to adopt such solutions. In this essay I interpret the dichotomy for/against the market in the light of the one between neoclassical economics and the socio-anthropological tradition which originates with Karl Polanyi. In the first part, I suggest that this dichotomy runs in parallel to the one between facts and, which is typical of...
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The main goal of this work was to theoretically conceptualise the process of marketisation which designates the transformation of society into a market economy and social relations into market relations. The starting point is first the comparative analysis of the definitions of the term market by some classic authors (Smith, Marx, Weber, Durkheim and Parsons), each of whom define it from their perspective as a monetary mechanism of exchange in the economic sphere of social activity. In the...
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Building on Polanyi's concept of the “double-movement” through which society defends itself against domination by the self-regulating market, this article sets out some key organizational and ideological hurdles that the contemporary “movement of movements” must surmount to challenge the hegemony of neo-liberal globalization. After outlining neo-liberalism's failures, it makes an argument for the possibility of “counter-hegemonic globalization,” defined as a globally organized project of...
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This article originated with a puzzle : how best to account for changes in the behavior of groups, organizations and individuals in Great Britain ? A detailed analysts of what Weber and Polanyi identified as interdependencies between state and market, and of the state's role in creating the market, led to the decision to adapt the notion of bureaucratic revolution put forward by Weber. We argue that the British bureaucratic revolution is reflected in the fact that the state plays an...
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This article relates contemporary Austria's much-discussed and internally contested identity politics to transnational socio-economic transformations and their far-reaching local/national effects. A qualitative analysis of (wide-ranging contributions to) current debates on the environment, food production, climate change, social inequality and welfare, higher education, art, migration, and unemployment reveals a recurring pre-occupation with expanding/encroaching markets, their advocated...
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The traditional ethnic entrepreneurship paradigm suggests that resource mobilization based on ethnic group membership and the particular structural conditions of the economy and society combine to facilitate ethnic enterprise. Yet, this model remains largely descriptive and imprecise with respect to how and why class and ethnic resources and structural opportunity matter. Furthermore, this approach neglects to consider the likelihood that other non-ethnic social groupings distinct from...
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While Polanyi argues that all economies are embedded and enmeshed in social relations and institutions, he tends to see market economy as disembedded, which reveals a tension in his thought. The main motivation for this paper is to understand the origins of this tension. On the basis of a systematic formulation of Polanyi's work, it is argued that Polanyi employs embeddedness in a dual manner: (a) as a methodological principle akin to methodological holism, and (b) as a theoretical...
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The overarching question raised in this special issue is whether societies can, do or indeed should steer new and emergent science and technological development and its management on to trajectories construed as more or less 'desirable'. It therefore sits at the interface of two arenas. These are governance: processes of shaping/steering emergent technologies and markets; and sustainability: normative agendas incorporating a range of potentially competing conjectures and internally...
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The article offers a critical reappraisal of Karl Polanyi's claim that the restructuring of the economy based on the ideals of the self-regulating market inevitably leads society to reassert itself against the commodification of land, labour and money. Dubbed as the "double movement," the author focuses his reappraisal on the two aspects of the movement. The first refers to the push for free market reforms by various groups in society, and the second refers to the counter-movements that he...
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The article reviews the book "The Great Transformation: The Political and Economic Origins of Our Time," by Karl Polayni.
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Polanyi analyzes the historical deployment of a "formal" economic science starting from the triptych "market-rarety-instrumental rationality". It reveals this triptych, and the knowledge which is devoted to it, as being a part of a question broader than should analyze a "substantial" economic science being interested in the triptych "need-nature-institution". If we can and must follow Polanyi in his criticism of economism suited to the first triptytic, we have more reserve to accept his...
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Latin America is currently undergoing Karl Polanyi's "double movement" at full swing, as most governments of the region are currently experimenting with policies that defy the neoliberal orthodoxy that has been reigning there for almost three decades. One of such governments has been the center-left Concertación governments of Chile, which have been elected since the restoration of democracy in 1990. In addition to poverty alleviation programs, Concertación has been in an ongoing process...
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In this article, Polanyi's (1944) notion of society as constituted by three forms of economic integration (market exchange, reciprocity, and redistribution) is applied to entrepreneurship. In advanced capitalism, the market-exchange relationship is the dominant form of economic integration; secondary relationships of reciprocity and redistribution, however, co-exist alongside relations of market exchange. Following Polanyi (1944), this article introduces an "embedded market" approach to...
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