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

Nuno Miguel Cardoso Machado

MPRA Paper from University Library of Munich, Germany

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

Keywords: capitalism; market economy; embeddedness; Karl Polanyi; New Economic Sociology. (search for similar items in EconPapers)
JEL-codes: A12 A13 A14 B25 B31 P10 P51 (search for similar items in EconPapers)
Date: 2011
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Published in RCCS Annual Review 3 (2011): pp. 119-140

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