1991
DOI: 10.2307/1388992
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Embedding Polanyi's Market Society

Abstract: Karl Polanyi remains one of the most trenchant critics of neoclassical economics. His "embeddedness" thesis, which holds that all economic activities and institutions are enmeshed in social relations and institutions, offers a sound theoretical basis for economic sociology. Nonetheless, he fails to embed the market concept. This theoretical lacuna manifests itself in his classic account of the rise of market society in England, The Great Transformation ([19441 1957), where he neglects to consider institutional… Show more

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Cited by 85 publications
(34 citation statements)
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“…Perhaps his most famous contribution to social thought, this concept has also been a source of enormous confusion'. The second part of Block's assertion can easily be witnessed by the number of interpretations that the concept of embeddedness has provoked (Reddy, 1984;Granovetter, 1985;Stanfield, 1986;Zukin and DiMaggio, 1990;Lie, 1991;Barber, 1995;Beckert, 1996;Krippner, 2001;Le Velly, 2002;Block, 2003;Krippner et al, 2004). In this article, I argue that the confusion follows from a central fracture in Polanyi's thought.…”
Section: Introductionmentioning
confidence: 87%
See 1 more Smart Citation
“…Perhaps his most famous contribution to social thought, this concept has also been a source of enormous confusion'. The second part of Block's assertion can easily be witnessed by the number of interpretations that the concept of embeddedness has provoked (Reddy, 1984;Granovetter, 1985;Stanfield, 1986;Zukin and DiMaggio, 1990;Lie, 1991;Barber, 1995;Beckert, 1996;Krippner, 2001;Le Velly, 2002;Block, 2003;Krippner et al, 2004). In this article, I argue that the confusion follows from a central fracture in Polanyi's thought.…”
Section: Introductionmentioning
confidence: 87%
“…If integrated as a result of operations with strictly market ends, it moves towards being disembedded through the commodification of labour, land and money each other, which reveals a 'central ambiguity' in Polanyi's approach to studying economic life (Jenkins, 1977, p. 70). Several commentaries on Polanyi observe this ambiguity (Garlan, 1973;Jenkins, 1977;Dupré and Philippe-Rey, 1978;Lie, 1991;Booth, 1994;Barber, 1995;Krippner, 2001;Block, 2003). Krippner (2001, p. 782) deems it a reconcilable contradiction; it arises from Polanyi's objective of refuting analysis based on homo economicus while at the same time 'portraying the market .…”
Section: The Duality Of the Embeddedness Concept In Polanyi's Workmentioning
confidence: 99%
“…The views held by Randles (2003), Lie (1991) and Gemici (2008) seem to be good examples of the dominant positions within NES, providing us with a suitable starting point for a critical assessment of it. In The Great Transformation, according to Randles (2003: 420-421), Polanyi admits that markets can be disembedded; but in "The Economy as Instituted Process" disembeddedness is just a (theoretical) possibility, since markets are, in a way, institutionalized.…”
Section: Critical Assessmentmentioning
confidence: 99%
“…Parece-nos que as visões de Randles (2003), Lie (1991) e Gemici (2008 sintetizam bem as posições predominantes na NSE, fornecendo assim um bom ponto de partida para a nossa avaliação crítica da mesma. Segundo Randles (cf.…”
Section: Avaliação Críticaunclassified