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Karl Polanyi and the New Economic Sociology: Notes on the Concept of (Dis)embeddedness

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  • Cardoso Machado, Nuno Miguel

Abstract

Within the context of the New Economic Sociology, Karl Polanyi is almost universally considered the “father” of the concept of embeddedness. However, this concept has been subject to selective appropriation by this discipline and its relationship to the remaining theoretical edifice constructed by Polanyi has been neglected. It is, in fact, possible to refer to the “great transformation” to which the concept of embeddedness has been subjected: whereas in Polanyi’s work it is associated with the macro(economic) level and is used as evidence of the exceptional nature of the capitalist market economy –disembedded from society – in NES, it is normally associated with the meso (and even micro) level, on the assumption that all economies – including capitalist economies – are embedded

Suggested Citation

  • Cardoso Machado, Nuno Miguel, 2011. "Karl Polanyi and the New Economic Sociology: Notes on the Concept of (Dis)embeddedness," MPRA Paper 48957, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:48957
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    References listed on IDEAS

    as
    1. J. R. Stanfield, 1986. "The Economic Thought of Karl Polanyi," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-18434-7.
    2. Beckert, Jens, 2007. "The Great Transformation of Embeddedness: Karl Polanyi and the New Economic Sociology," MPIfG Discussion Paper 07/1, Max Planck Institute for the Study of Societies.
    3. Jens Beckert, 2003. "Economic Sociology and Embeddedness: How Shall We Conceptualize Economic Action?," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(3), pages 769-787, September.
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    More about this item

    Keywords

    capitalism; market economy; embeddedness; Karl Polanyi; New Economic Sociology.;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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