Tag Archives: institutions

Was Karl Polanyi wrong? Land, labor, and private authority in the global economy

by Tim Bartley* Karl Polanyi famously argued that land, labor, and money are “fictitious commodities.” They cannot be fully subjected to the dictates of the market without spurring backlashes that seek to re-embed them in society.  It is easy to … 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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China is getting on wheels: varieties of development, car market reform and globalization

by Qiushi Feng* China is getting on wheels. Over the past three decades, with unparalleled speed, China has emerged as the world’s largest producer and consumer of passenger cars. Such a rapid growth is accompanied by profound changes of the … Continue reading

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How 19th century finance and housing associations shaped 20th century housing regimes in Germany and the United States

Why has Germany become a country of tenants with a housing policy directed at private and public rental construction? On the other hand, why has the United States turned into a homeownership country? In an interesting article, Sebastian Kohl (University … Continue reading

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The politics of fiscal policies: the lessons of history

Throughout the recent years of the crisis, the EU bodies and the German leaders have constantly oppressed Greece. They have pushed Greek people towards the abyss of austerity in the name of “fiscal responsibility” and “self-evident economic truths”. But essentially, it is … Continue reading

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Law and labor in the American political economy

In 1906, a German distinguished (somewhat neglected) economist and sociologist Werner Sombart published Why is there no Socialism in the United States? – a book which will become a famous work on American exceptionalism in this respect to this day.  There are a number of … Continue reading

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Economic Consequences of Neoliberalism: Coping with Financial Crises

John Maynard Keynes: “The power to become habituated to his surroundings is a marked characteristic of mankind. Very few of us realize with conviction the intensely unusual, unstable, complicated, unreliable, temporary nature of the economic organization by which Western Europe … Continue reading

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Economic culture in the public sphere: practice, knowledge and discourse

“Economic Culture in the Public Sphere” is the topic of the European Journal of Sociology special issue, edited by Nina Bandelj, Lyn Spillman & Frederick F. Wherry. This very interesting collection of articles deals with the important question of how public understandings … Continue reading

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Emile Durkheim’s definition of Economic Sociology

Emil Durkheim’s precisely short and comprehensively rich definition of Economic Sociology: “There are the economic institutions: institutions relating to the production of wealth (serfdom, tenant farming, corporate organization, production in factories, in mills, at home, and so on), institutions relating … Continue reading

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