Karl Polanyi and the antinomies of embeddedness
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The authors argued that Polanyi employed embeddedness as a methodological principle akin to methodological holism and as a theoretical proposition on the changing place of economy in society, which reveals a tension in his thought.Abstract:
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.read more
Citations
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International Encyclopedia of the Social and Behavioral Sciences (vol. 10)
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The Social Meaning of Money: Pin Money, Paychecks, Poor Relief and Other Currencies
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Networked but Commodified: The (Dis)Embeddedness of Digital Labour in the Gig Economy:
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Relational Work and Economic Sociology
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References
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Journal ArticleDOI
Economic Action and Social Structure: The Problem of Embeddedness
TL;DR: In this article, the extent to which economic action is embedded in structures of social relations, in modern industrial society, is examined, and it is argued that reformist economists who attempt to bring social structure back in do so in the "oversocialized" way criticized by Dennis Wrong.
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Locating the 17th Book of Giddens@@@The Constitution of Society: Outline of the Theory of Structuration.
Alan Sica,Anthony Giddens +1 more
TL;DR: Giddens as mentioned in this paper has been in the forefront of developments in social theory for the past decade and outlines the distinctive position he has evolved during that period and offers a full statement of a major new perspective in social thought, a synthesis and elaboration of ideas touched on in previous works but described here for the first time in an integrated and comprehensive form.
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The Constitution of Society. Outline of the Theory of Structuration
TL;DR: Giddens as discussed by the authors has been in the forefront of developments in social theory for the past decade and outlines the distinctive position he has evolved during that period and offers a full statement of a major new perspective in social thought, a synthesis and elaboration of ideas touched on in previous works but described here for the first time in an integrated and comprehensive form.
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The Great Transformation: The Political and Economic Origins of Our Time
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