Polanyi’s concept of “embeddedness” has been the subject of debate. Various authors have argued that it reveals a contradiction. They contend that Polanyi states that all economies are always embedded, while simultaneously maintaining that the modern market economy is exceptional because it is disembedded. Others claim that there is no contradiction in Polanyi’s thought but that he is merely describing a contradiction of the market economy. In this text, I argue that both sides fail to discern two different concepts: “institutedness” (...) and “embeddedness.” “Institutedness” denotes the idea that economic behavior is always dependent on and the result of certain forms of social organization. In turn, the distinction between embeddedness and disembeddedness is inspired by the Aristotelian distinction between natural and unnatural economic behavior. This distinction refers to the finality of economic behavior: is it directed at the thriving of an ethical community or is it instead directed at wealth acquisition as an end in itself? I argue that both institutedness and (dis)embeddedness fulfill a crucial, though different, role in Polanyi’s critique of market capitalism. I conclude by giving a preliminary outline of what could be the implications for a (neo-)Polanyian political economy of my analysis. (shrink)

Progressing beyond the given has been a key modern tendency. Yet modern societies are currently facing the problem of how to put limits on progress, expansion, and growth, live within them, and preserve (rather than transcend) the present. Drawing on economic sociology scholarship on valuation and morality in economic life, this article develops and applies the term economization to analyze the enactment of limits on progress. The question of end-of-life care—when to stop medical efforts to prolong life, postpone death, and (...) advance the scientific frontier—serves as an illustrative empirical case that sheds light on limit-setting in general. My analysis of this case combines historical, ethnographic, and in-depth interview data on US palliative care clinicians, who specialize in making life-and-death decisions in acute care hospitals. (shrink)

My paper proposes the concept of relational work to explain economic activity. In all economic action, I argue, people engage in the process of differentiating meaningful social relations. For each distinct category of social relations, people erect a boundary, mark the boundary by means of names and practices, establish a set of distinctive understandings that operate within that boundary, designate certain sorts of economic transactions as appropriate for the relation, bar other transactions as inappropriate, and adopt certain media for reckoning (...) and facilitating economic transactions within the relation. I call that process relational work. After identifying specific elements of a relational work approach, the paper focuses on the case of monetary differentiation. It compares a relational work theory of earmarking money with behavioral economics’ individually based mental accounting approach. (shrink)

Matthew Desmond’s “Relational ethnography,” is a manifesto for a relational turn in ethnography, liberating it from the “substantialism” of bounded places, processed people and group culture. Substantialism, however, proves to be a largely mythical category that obscures two types of relational ethnography: Desmond’s empiricist transactional ethnography and an alternative, theoretically driven structural ethnography. Drawing on Desmond’s own ethnographies, On the Fireline and Evicted, I explore the limitations of his transactional ethnography—a “spontaneous sociology” that rejects the theoretical engagement and comparative logic. (...) I elaborate and illustrate structural ethnography, drawing out the implications for public and policy sociology. (shrink)

Despite the widespread use of the concept of embeddedness in the literature on agri-food networks, not much has been written on the process through which a food economy becomes embedded. To explore this dynamic and contribute to a more critical perspective on the meanings and implications of embeddedness in the context of food, this paper analyzes the emergence of saffron as a local food network in southern Tuscany. By adopting a constructivist approach, the analysis shows that embeddedness assumes simultaneously a (...) social, spatial, and temporal dimension that are dynamically created by participants in the saffron economy as a response to specific market requirements. The paper concludes that a focus on how embeddedness is achieved in the context of food has both theoretical and empirical implications. Theoretically, it supports the need for a more holistic and actor-oriented approach that takes into consideration the tensions inherent in the process of embedding and also its ramifications outside of the social realm. Practically, a focus on how a food network comes to be embedded complicates the notion of food relocalization – an issue that raises empirical questions about the sustainability of local food networks and their contribution to rural development. (shrink)

This paper provides a background to, detailed exploration, and then critique of, the influential notion of economic performativity. It begins with a broad sweep of the theoretical developments in economic sociology in the years before the advance of the performativity program. In doing so it outlines the theoretical quandary that performativity sought to move beyond. Having set the scene, it then looks at the performativity thesis in detail, explaining how it seeks to do away with modern ontological binaries like the (...) object/subject dichotomy. Once the performativity thesis has been unpacked, it is critiqued. Leading to the conclusion, that while there have been some benefits to the performative approach, especially in research looking at finance, the performativity thesis ultimately fails in its attempt to move beyond the ontology of “the moderns”, and does little to shift the debates in economic sociology that predated its popularity. (shrink)

Ariane Fischer, David Woodruff, and Johanna Bockman have translated Karl Polanyi’s “Sozialistische Rechnungslegung” [“Socialist Accounting”] from 1922. In this article, Polanyi laid out his model of a future socialism, a world in which the economy is subordinated to society. Polanyi described the nature of this society and a kind of socialism that he would remain committed to his entire life. Accompanying the translation is the preface titled “Socialism and the embedded economy.” In the preface, Bockman explains the historical context of (...) the article and its significance to the socialist calculation debate, the social sciences, and socialism more broadly. Based on her reading of the accounting and society that Polanyi offers here, Bockman argues that scholars have too narrowly used Polanyi’s work to support the Keynesian welfare state to the exclusion of other institutions, have too broadly used his work to study social institutions indiscriminately, and have not recognized that his work shares fundamental commonalities with and often unacknowledged distinctions from neoclassical economics. (shrink)

Karl Polanyi's 1944 book, The Great Transformation, has been recognized as central for the field of economic sociology, but it has not been subject to the same theoretical scrutiny as other classic works in the field. This is a particular problem in that there are central tensions and complexities in Polanyi's argument. This article suggests that these tensions can be understood as a consequence of Polanyi's changing theoretical orientation. The basic outline of the book was developed in England in the (...) late 1930s when Polanyi was working within a specific type of Marxist framework. However, as he was writing the book, he developed several new concepts, including fictitious commodities and the embedded economy, that led in new directions. Because circumstances did not give him the time to revise his manuscript, the book is marked by a tension between these different moments in his own theoretical development. The result is that Polanyi glimpses the concept of the always embedded market economy, but he does not name it or elaborate it. (shrink)

This article develops and defends a theory of "network failure" analogous to more familiar theories of organizational and market failure already prevalent in the literature on economic governance. It theorizes those failures not as the simple absence of network governance, but rather as a situation in which transactional conditions for network desirability obtain but network governance is impeded either by ignorance or opportunism, or by a combination of the two. It depicts network failures as continuous rather than discrete outcomes, shows (...) that they have more than one cause, and pays particular attention to two undertheorized—if not undiscovered—types of network failure. It thereby contributes to the development of sociology's toolkit for theorizing networks that are "neither market nor hierarchy.". (shrink)

The paper aims at analyzing the production of creditworthiness within the context of commercial banking in international banks. Taking the interim financing in the Polish automobile sector as an example, the paper reconstructs the process between legal framing of the financial instrument, marketing, and risk management. Firstly, it shows that changes in the state vehicle registry function as a prerequisite upon which the bank uses the newly introduced vehicle registration document as a security. Secondly, it analyzes the change of perspectives (...) which takes place between the marketing of the product and the analysis of documents . Thirdly, it argues that creditworthiness cannot be deduced from the economic representation of the enterprise but is the very result of negotiations between the actors involved. (shrink)

An enquiry into what future labour markets might look like is, necessarily, an enquiry into what future labour market institutions might look like. Any such enquiry requires a conceptual apparatus capable of dealing with labour markets and institutions. The conceptual apparatus of orthodox labour economics is incapable of this. An alternative conceptual apparatus, the ‘socio-economics of labour markets’, augmented with critical realist metatheory, is capable of dealing with future labour markets. This claim is demonstrated via the example of future labour (...) markets based on Basic Income. (shrink)

This article proposes the lens of moral economy as a useful ethical framework through which to assess HRM practice, with a particular focus on the strategic use of contingent work ('non-standard' employment practices including temporary, agency and outsourced work). While contingent work practices have a variety of impetuses we focus here on their strategic use in the pursuit of economic and flexibility goals. A review of the contingent work literature conveys mixed messages about its outcomes for individuals, and more opaquely, (...) for organisations: on the one hand transferring risks yet on the other, creating opportunities. A moral economy lens views employment as a relationship rooted in a web of social dependencies, and considers that ' thick' relations produce valuable ethical surpluses that represent mutuality and human flourishing. Applying such an approach to the analysis of contingent work enables a fresh interpretation of contradictory individual and collective outcomes observed in the research literature. We suggest that evaluations informed by moral economy offer a more holistic appraisal of HRM practices such as contingent work, where both economic and social opportunities and costs can be more fully seen. In this way we not only highlight the ethical inadequacies of neglecting the human in HRM but also the conceptual pitfalls of analytically separating the economic from the social. (shrink)

Jens Beckert’s 2009 article on the constitution and dynamics of markets is a bold attempt to define a novel research agenda. Deeming uncertainty and coordination essential for the constitution of social action in markets, Beckert proposes a framework centered on the resolution of three coordination problems: valuation, cooperation, and competition. The empirical study of these three coordination problems has the potential to contribute considerably to the sociological analysis of markets. However, the assertion that such a theoretical vantage point can explain (...) the constitution and dynamics of markets is not compelling because it (1) conflates social interaction with social structures, (2) fails to address power relations, institutions, and macro-level structures, and (3) neglects the historically contingent and socially contested nature of markets themselves. The present article shows that these three pitfalls are the result of starting from the problem of order and building upon uncertainty as the basis of action in markets, lending the suggested framework a methodologically individualist bent. Therefore, Beckert’s suggested framework is in danger of mystifying the very power relations, institutions, and macro-level structures that are at the heart of the constitution and dynamics of markets. (shrink)

The conventional wisdom holds that U.S. political institutions are inhospitable to industrial policy. The authors call the conventional wisdom into question by making four claims: the activities targeted by industrial policy are increasingly governed by decentralized production networks rather than markets or hierarchies, “network failures” are therefore no less threatening to industrial dynamism than market or organizational failures, the spatial and organizational decentralization of production have simultaneously increased the demand and broadened the support for American industrial policy, and political decentralization (...) is therefore likely to improve the functioning of industrial policies designed to combat network failures. (shrink)

This article examines Karl Polanyi’s “double-movement thesis” and, in particular, his claim that modern economies are characterized by a dis-embedding of the economy from society. I examine two significant lines of criticism of this thesis: first, that the concept of “embeddedness” is incoherent in that it implies that economies both can and cannot become “dis-embedded” from society; second, that, though conceptually coherent, the concept does not supply adequate normative guidance for those seeking to address the economic and social problems that (...) emerge from a “dis-embedded” economy. I argue that re-articulating the double-movement thesis in the terms of Reformational social philosophy can show how these problems can be resolved. (shrink)

Name der Zeitschrift: Zeitschrift für kritische Sozialtheorie und Philosophie Jahrgang: 2 Heft: 2 Seiten: 255-284.

This paper attempts to clarify the concept of relational work for understanding economic life as proposed by Viviana Zelizer. To do so, it first compares the concept to similar notions used in other disciplinary fields. Second, it reinterprets some exemplary economic sociology studies by using the relational work lens to clarify the concept’s utility for empirical analysis. Third, it speculates about the place of relational work in the theoretical toolkit of economic sociologists, in particular its relation to embeddedness. The paper (...) concludes by arguing for the utility of the concept to integrate structural, cultural, and power-focused analyses of economic life, to highlight the often-overlooked role of emotions in economic exchange, and to ground an alternative to rational action theory in economic sociology. (shrink)

This article shows how research on the social structure of markets may contribute to the analysis the growing income inequality in contemporary capitalist economies. The author proposes a theoretical link between embeddedness and social stratification by discussing the role of institutions and networks in markets for the distribution of economic profits between firms. The author claims that we must understand profit and free competition as opposites, as economic theory does. In the main part of the article the author illustrates six (...) typical mechanisms of rent extraction from networks or formal and symbolic rules that embed markets. They emerge from material as well as symbolical access to and influence on the orientation of other market actors. Social structures in markets lead to unequal chances for rent extraction, even if actors produce them for coordination rather than for accumulation purposes. This is how market sociology and theory of capitalism can be linked more closely. (shrink)

This article explores the possibilities offered by Collins’ model of interaction rituals to an understanding of the emotional dynamics of art auctions. It argues that whilst it explains how the art object becomes the focus of attention, and thus the repository of solidarity and emotional energy, it also obliterates some of the institutional aspects of the auction market that can influence such outcomes. It discusses the need to include an examination of the specific practices of auction houses operating in an (...) international market in their capacity to target specific audiences for their sales. (shrink)

Zelizer’s work may be read as an attack on the central Polanyian thesis: that the market system threatens social life by the undue prominence it lends the economy in the organization of modern society. The recent publication of Viviana Zelizer’s The Purchase of Intimacy (2005a) is therefore an excellent opportunity to review the general trend of her work Zelizer 1979, 1985, 1994, and contrast her leading ideas to the central thesis that gives Polanyi’s work its particular flavor: the danger encapsulated (...) in the use of modern money and the functioning of the market system. (shrink)

La nueva sociología económica ha concebido tradicionalmente el Mercado como un espacio sin cultura ni sociedad. No obstante los esfuerzos dirigidos a recuperar la dimensión cultural y no-instrumental del mercado, la profesión ha reconocido raramente que el reencantamiento cultural del mercado frecuentemente toma formas religiosas. La tradición neo-Durkheimiana en la teoría sociológica contemporánea puede contribuir a dar cuenta de dicho fenómeno con importantes consecuencias heurísticas sobre el desarrollo de la sociología económica.

At times of crisis, existing institutional arrangements of societies are thrown into question. Crises that occur in multiple societies simultaneously present rare opportunities for comparative empirical analysis. Social theory can reveal the framing conditions of the responses to crises and the sources of variations between them. This paper compares the immediate responses of the Australian, UK and US governments to the global COVID-19 pandemic, particularly with regard to financing lockdowns, and points out significant differences between the three approaches. Drawing on (...) Polanyi’s method of institutional analysis, we compare the responses of these same national groups to an earlier crisis, the Japanese prisoner of war camps during the Second World War, to show similar patterns of integration recurring eight decades apart. This analysis shows that aspects of moral economies that are not usually apparent can become pronounced during crises, and points to the importance of enduring social imaginaries. (shrink)

Consider waiting in lines. On the one hand, they offer an ad hoc illustration of how the scarcity of commodities relates to supply and demand. In this respect, they recall what neoclassical economics posit as the general law of the market. On the other hand, queuing is often referred to as a basic form of social interaction among those who wait. In this perspective, waiting is not about individuals waiting for something, but about waiting together, social gatherings, collectives, or communities. (...) On a more conceptual level, L’empire de la valeur. Refonder l’économie pushes these opposing positions to their extremes and clearly opts for the latter . Rejecting neoclassical frameworks for treating scarcity as a reality prior to exchange it holds that value results from a social process . As indicated by the book’s subtitle, this is not a minor operation. According to André Orléan, economist (Paris School of Economic .. (shrink)

This article introduces the special issue on “Relational Work in Market Economies” by explaining the origins of the concept and its value in illuminating a dimension of market activity that has not been systematically addressed by social scientists. It also explains why this focus on individual economic transactions could be relevant for those whose interest centers on broader questions of political economy. Finally, there are brief descriptions of the other six articles that make up this special issue.