Tag Archives: embeddedness

‘American Bonds’ by Sarah Quinn — The Best Book in Economic Sociology and Political Economy for 2020

The ES/PE global academic community is pleased to announce the granting of the Best Book in Economic Sociology and Political Economy Award for 2020 to Sarah Quinn‘s superb, enlightening, thoroughly researched and engagingly written American Bonds: How Credit Markets Shaped a … Continue reading

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Political Economy After Neoliberalism: A Manifesto for New Thinking

by Neil Fligstein and Steven Vogel* If anything could have dislodged the neoliberal doctrine of freeing the market from the government, you might have expected the coronavirus pandemic to do the trick. Of course, the same was said about the global financial … Continue reading

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Marketcraft as the New Statecraft

by Steven K. Vogel* What if we thought of marketcraft (market governance) as a core government function comparable to statecraft? And what if we sought to optimize market governance rather than to minimize government intervention? I submit that this simple … Continue reading

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Joseph Schumpeter: Social structures are coins that do not readily melt

Economic sociologists an political economists will surely discern the grace and insight in the following Joseph Schumpeter’s quote (from his magnum opus Capitalism, Socialism and Democracy), which beautifully describes the essence of institutions, their socio-historical embeddedness, as well as their persistence in front of … Continue reading

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The economy derives its meaning only from its uneconomic purpose

A German-Swiss philosopher Karl Jaspers wrote in his book The Future of Mankind, where he examined the perplexing human situation in its political, economic and historical aspects: “We must realize that neither the economy nor any of its forms are … Continue reading

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What is Political Economy? It is Essentially a Historical Science

In December 1867 a German positivist philosopher and economist Eugen Dührings published a critical review of Karl Marx’s Capital. Dühring, inter alia, disapproved the Marxist labour theory of value and asserted, based on his own concept of “ethics of sympathy”, that a dichotomy between … Continue reading

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Fiscal Embeddedness: Tax Policy as an Institutional Tool of State-building

Bearing in mind Joseph Schumpeter’s assertion that “the public finance is one of the best starting points for an investigation of society, especially, though not exclusively, of its political life” (1991: 101), a multidisciplinary study of sources, practices and consequences … Continue reading

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Community Capitalism in China: the State, the Market, and Collectivism

“Planning and market forces are not the essential difference between socialism and capitalism. A planned economy is not the definition of socialism, because there is planning under capitalism; the market economy happens under socialism, too. Planning and market forces are … Continue reading

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What is Economic Sociology?

What is Economic Sociology? What is embeddedness? How are markets made and where do markets come from? How do politics, networks and culture matter? What are the institutions of political economy? and How does capitalism differ among countries? Well, our community is built to tackle these fundamental and … Continue reading

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The incredible collapse of Ireland’s Celtic Tiger: corporatism, neoliberalism and globalization run amok

In 2008 Ireland experienced one of the most dramatic economic crises of any economy in the world. It remains at the heart of the international crisis, sitting uneasily between the US and European economies. Not long ago, however, Ireland was … Continue reading

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Religion, “free trade” and faithful globalization: producing a sacred vision of the economy

Religious leaders and groups can play a crucial role in economic and political life through their discourse; such discourse is a central way that they produce the sacred in the economic realm. This is true across a range of religious … Continue reading

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Erich Fromm: Why have we subordinate the economic machine?

Erich Fromm: “Only if man masters society and subordinates the economic machine to the purposes of human happiness, and only if he actively participates in the social process, can he overcome what now drives him into despair–his aloneness and his … Continue reading

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The Power of ‎Market‬ ‪‎Fundamentalism‬: Karl ‪Polanyi‬’s Critique — a must-read for every economic ‪sociologist‬ and political economist

As the eminent social scientist Karl Polanyi has stultified and debunked the erroneous ideas of economic determinism and market fundamentalism, Fred Block and Margaret Somers greatly contributed to the intellectual endeavor to manifest the ontological embeddedness of State-Economy-Society in their important … Continue reading

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Why do people play lottery in groups? It’s more about reproducing social ties, than profit maximization

Sharing lottery tickets with co-workers or friends may create agency problems related to opportunism in addition to the fact that playing the lottery in general is tantamount to buying an asset with negative expected value. So why do people form a … Continue reading

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Sociology of Markets and Economic Sociology

What is a market? Do we really participate in market activity on a daily basis?  What does economic sociology contribute to a deeper understanding of markets, in comparison to economics? In this informative book Patrik Aspers presents a comprehensive sociological view of … Continue reading

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