Your search

Against a backdrop of rapidly evolving crisis management in the European financial and sovereign debt crisis this essay aims both to explore and to re-consider the role of law in the EU integration process: What did law accomplish? Where did it fail? What is law going to endure? What kind of future can it envisage? The essay traces back the evolution of the law-politics relationship in both EU legal scholarship and practice from the foundational period of ‘integration-through-law’ to the...

The problem of the governance of economic transactions arises from the fact that they are sequential. This creates uncertainty regarding the fulfilment of implicit or explicit contracts. Institutional economics understands this uncertainty as arising from opportunism and seeks a solution in specialised contract enforcement institutions. Economic sociology understands the uncertainty as a result of misunderstanding and finds a solution in mechanisms of governance that, in addition to...

The problem of the governance of economic transactions arises from the fact that they are sequential. This creates uncertainty regarding the fulfilment of implicit or explicit contracts. Institutional economics understands this uncertainty as arising from opportunism and seeks a solution in specialised contract enforcement institutions. Economic sociology understands the uncertainty as a result of misunderstanding and finds a solution in mechanisms of governance that, in addition to...

La nouvelle économie institutionnelle est devenue populaire dans la recherche de l’économie antique depuis une dizaine d’années. Pourtant la notion de « croyances culturelles », qui joue un rôle central dans l’œuvre de Douglass North et dans les analyses du changement institutionnel par Avner Greif, a été largement ignorée. J’affirme qu’une approche néo-institutionnelle qui utilise cette notion de « croyances culturelles » offre une meilleure voie pour comprendre l’influence des idéologies...

This paper examines the relationship that prevails between the state, economics, and freedom according to the works of Friedrich Hayek and Karl Polanyi. Hayek, who was one of the most important contributors to the development of the modern market economy and liberalism, formulated a concept of freedom that includes economic and negative freedom as significant components; his objective was to demonstrate the superiority of liberal capitalist societies over all other forms of organizing a...

This essay identifies a contradiction between the flourishing interest in the environmental economics of the classical period and a lack of critical parsing of the works of its leading representatives. Its focus is the work of Adam Smith and Thomas Malthus. It offers a critical analysis of their contribution to environmental thought and surveys the work of their contemporary devotees. It scrutinizes Smith's contribution to what Karl Polanyi termed the "economistic fallacy," as well as his...

This article proceeds from the field of tension between the synchronical approach of the economics of convention and the diachronical approach of economic anthropology (in the tradition of Karl Polanyi). It is argued that the economics of convention remain problematic to historians in that they fail to capture the long term transformations traditionally referred to as the emergence of modernity and the coming about of homo economicus. As a possible solution, the use of concepts and insights...

This paper proposes an analytical framework using the regulation approach and consisting of explanations of some concepts and a simple way of modeling; the concepts and modeling are developed by focusing on the distributive aspect of environmental issues and using environmental costs as key indices. As a basis for the framework, we refer to the ideas of Polanyi and the surplus approach, and we recognize the socio-economic system as interlinked triple reproductions of the economy, humans, and...

A literary criticism of the book "Michael Polanyi and His Generation: Origins of the Social Construction of Science," by Mary Jo Nye is presented. The author discusses the significance of Michael Polanyi in the history of science studies and provides insight on his life and his relationship with his brother Karl. He analyzes how the book presents the origins of science studies, Polanyi’s activities as an economist, and his fight against Communism.

This article explores the interrelation of gentrification and public policies in the neighbourhoods of Prenzlauer Berg (Berlin) and Harlem (New York City). It draws on Karl Polanyi’s concept of a ‘double movement’ and argues that gentrification is fundamentally a political process. Thus, while demise in the face of market forces, or even an active support of gentrification, is clearly visible in both neighbourhoods, the relation between public policies and gentrification is also highly...

Severe addictions to drug use and to countless other habits are causing enormous harm around the globe. Massive expenditures and dedicated efforts of police, doctors, addiction therapists, and self-help groups have failed to bring the problem under control, although many individual addicts have been helped. What can society do when our best efforts continue to fail and a menacing problem continues to grow? This paper proposes that a major paradigm shift is required. The currently dominant...

Polanyi saw the economy as properly embedded in society and argued that the capitalist free market, in commodifying social relations of production, seeks to disembed the economy from society. The resulting lack of continuity between society and economy, he maintained, created conflict which necessarily required state intervention. The market economy, therefore, in contrast to neoclassical/neoliberal economics’ vision of an autonomous, self-regulating market, required more, not less, state...

Karl Polanyi’s theory of the ‘double movement’ has gained great currency in recent years to explain the global growth of contemporary social movements resisting neoliberalism. However, there has been no statistical research demonstrating whether these protest movements represent a more general trend of growing discontent with ‘disembedding’ markets from public control. This article uses questions from the World Values Survey to construct an ‘embeddedness’ index measuring public opinion on...

This article investigates China's market reforms and rapid economic development from the late 1970s. The following questions are posed: (1) How did the Chinese 'peasant revolution' and the rural policies and institutions of Mao China influence the market reforms and subsequent economic development? (2) How does China's development after the market reforms relate to Marxist and Polanyian notions of proletarization and commodification of land and labour as preconditions of capitalist...

Tant dans les pays du Nord que dans ceux du Sud, un compromis entre une logique néo-libérale anti-étatiste et certains intérêts des organisations non gouvernementales a marqué la construction des sociétés civiles. Il s’est réalisé notamment à travers le social business soutenu par de grandes entreprises. En mobilisant le concept polanyien de principe d’intégration économique, l’analyse a pour ambition de comprendre les limites de ce nouveau modèle de philanthropie et ce qui le différencie de...

Sociologists have paid scant attention to the possibility that the structure of the macro-economy is an important determinant of income inequality. Although prior research finds negative links between the size of the public sector and income inequality, no study to date considers whether the size of consumer markets has distributional consequences as well. To investigate this possibility, the present study measures the size of national consumer markets with the System of National Accounts...

This paper argues that the relationship between law and politics must be reconfigured within the European Union. Dissecting recent crises in economic, social and political organisation within Europe with reference to the three ‘fictitious’ commodities of Karl Polanyi, we find that law in Europe has contributed to de-legalisation, de-socialisation and disenfranchisement. Moving on to review the potential for law to respond to crisis through new paradigms of conflict resolution as suggested by...

Free-market reforms in the last quarter of the twentieth century weakened the point of production—labor unions—as the source of effective nonparty political countermovement to liberal capitalism. Has another significant source of societal resistance arisen in association with the resurgence of market economics? Building on the work of Karl Polanyi, this article argues that circuits of exchange—the commodification of labor, land, and money—can be powerful sources of movement against...

This essay discusses the intellectual contributions of five Jewish émigrés to the study of European economic history. In the midst of the war years, these intellectuals reconceptualized premodern European economic history and established the predominant postwar paradigms. The émigrés form three distinct groups defined by Jewish identity and by professional identity. The first two (Guido Kisch and Toni Oelsner) identified as Jews and worked as Jewish historians. The second two (Michal Postan...