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The purpose of this paper is to contrast the work of Douglass North and Karl Polanyi regarding financial institutions associated in market economies. Both implicitly acknowledge the synergy between public and private financial markets, which can serve to solidify an alliance between wealth holders and the state, potentially at the expense of “sociery” at large. This alliance may stimulate growth, according to North, as well as impose the strain of the market, according to Polanyi. Taken...
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Le concept d’encastrement s’est imposé dans la nouvelle sociologie économique. Ce texte souligne sa polysémie. Dans une première partie, il rappelle les deux acceptions politique et réticulaire respectivement adoptées par Granovetter et Polanyi. Rapportée à la modernité démocratique, la démarche de Polanyi permet de mettre en évidence un double mouvement caractérisant les rapports entre économie et société, dont les grands traits sont synthétisés dans la deuxième partie. Si l’on adopte une...
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Nations are the forms of political organization which peoples construct for themselves. It is a commonplace to state that globalization tends (for the better) towards the end of nations. However the history of capitalism shows that such a hypothesis is questionable. Globalization is merely a stage in the development of capitalism, which has always leaned on certain nations to secure its deployment: England in the past, the U.S. today. The real question is thus that of the hegemony of one...
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This article argues that two different manifestations of rational behavior can coexist and collide in a relatively homogeneous society. In the Ticuna community of Arara in the Colombian Amazon; on the one hand, the majority of villagers tend to reach relatively lower levels of material wealth, following Polanyi's idea of the pre-modern man (1968a; 1968b; 1968c), and also Sahlins' (1972) idea of the original affluent man. On the other hand, community leaders and schoolteachers tend to...
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Based on the unpublished Kapp-Polanyi correspondence, the paper analyzes the relationship between the two economists, as well as the meaning and origin of substantive economics, i.e. one of the key concepts of institutional economics with distinctly European roots. The correspondence shows how both economists influenced each other in their similar understanding of the substantive economy, and reveals that these similarities and the mutual influence date back to the 'planning debate' of the...
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Karl Polanyi's views on the nature of "pre-market" society are influential not only among historians but also among economists concerned with present-day transitional and developing economies. This paper examines Polanyi's arguments about the "Great Transformation" from traditional to market society in the light of recent advances in economic theory and empirical evidence from a range of European and non-European societies. These theoretical and empirical considerations provide little...
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This text will not focus on The Great Transformation but will deal with previous and following writings from Karl Polanyi where his emphasis is on the constitutive elements that define us as social beings and as agents of social change.
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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...