The Economic Thought of Karl Polanyi

Stanfield, James Ronald

doi:10.1007/978-1-349-18434-7

Cited by 120 publications

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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: 99%

Karl Polanyi and the antinomies of embeddedness

Gemici

2007

Socio-Economic Review

169

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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 proposition on the changing place of economy in society. These two formulations of embeddedness contradict each other. After tracing out the origins of this contradiction, this paper concludes by considering the implications of this analysis for economic sociology. It is argued that embeddedness as a methodological principle is the only acceptable usage of the term. Yet, in this capacity, embeddedness falls short of economic sociology's goal of providing a theoretical alternative to neoclassical economics.

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Section: Introductionmentioning

confidence: 99%

Karl Polanyi and the antinomies of embeddedness

Gemici

2007

Socio-Economic Review

169

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“…On The Great Transformation and its influence, see Kindleberger (1973), Sievers (1949), and Szecsi (1979). For Polanyi's social theory in general, see Block and Somers (1984), Dalton (1981), Dalton and Kocke (1983), Garlan (1973), Godelier (1984), Hechter (1981), Jenkins (1977), Neale andMayhew (1983), North (1977), Smelser (1959), and Stanfield (1986). 2.…”

Section: Resultsmentioning

confidence: 97%

Embedding Polanyi's Market Society

Lie

1991

Sociological Perspectives

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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 diversity and discontinuities in English commercial development. Polanyi's embeddedness thesis can be taken to its logical conclusion; that is, even the market can be embedded. "Markets" can be treated as social networks or organizations constituted by traders. I offer as an empirical illustration a brief case study of the rise of "market society" in England.Karl Polanyi remains one of the most cogent critics of neoclassical economics.1 He emphasizes the embeddedness of economic activities and institutions and the historical relativity of economic concepts. Nonetheless, he leaves the core concept of the market unchallenged. Despite his embeddedness thesis, market exchange remains a disembedded concept. In this paper, I propose that his argument should be taken to its logical conclusion-that all economic activities and institutions are embedded in social relations. A sociological foundation should be laid for the core of economic theory, the concept of the market. The project is to analyze the nature of markets, hitherto an unquestioned assumption, as historically variable social organizations constituted by traders. Thus, my critical examination of Polanyi's economic sociology serves as a step toward constructing a sociological alternative to the neoclassical conception of the market.The organization of this essay is as follows. First, I delineate the main contours of Polanyi's economic sociology. I stress that he accepts the neoclassical concept of the market and thereby cedes the analysis of contemporary "market" econoDirect all correspondence to: John Lie,

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“…The substantivist conceives of the economy as a component of culture rather than a kind of human action, the material life process of society rather than a need satisfying process of individual behaviour. 46 Stanfield argues that this caution, or lack of grey, is not ''merely to engage in ideological polemics,'' but is aimed at countering the ''market mentality'' or ''economistic fallacy'' of the formalist approach. The primary goal is to distinguish the ''human economy with its market form'' and to reinforce an institutional approach to economic life that is focused on the ''maze of social relationships in which the economy has been implanted.''…”

Section: Polanyi's Definitions and The Economymentioning

confidence: 99%