Polanyi in an Hourglass: The Two Lives of a Sociological Classic

This article aims to show that studies of transnational risk regulation can benefit from Polanyian and neo-Polanyian research agendas in the field of law, economy, and society. Risk regulation would then be under-stood as a corrective force within the market society. Drawing on the relevant literature in the field, Karl Polanyi's work is contextualized both in the past ("scholarship before and beside Polanyi") and in the present ("scholarship after and beyond Polanyi"). The review considers developments within sociology, its neighboring disciplines economics and jurisprudence, and the interdisciplinary research fields of "economy and society," "law and society," and "law and economy." The article demon-strates that Polanyi is a "late classic" who shares the holistic orientation of classical historical scholarship. At the same time, it is argued that his "early revival" is due to the topicality of his criticism of the market society, and its inherent risks, in an era of neoliberalism and globaliza-tion. By going back and forth in time, the article situates Polanyi in a line of holistically minded scholarship that combines insights of general, economic, and legal sociology in what can be called the "economic sociol-ogy of law." This is "old" and "new," at the same time.