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Karl Polanyi's Institutional Theory: Market Society and Its "Disembedded" Economy

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  • Michele Cangiani

Abstract

A fundamental principle of Karl Polanyi's institutional outlook is that any economic system has to be considered as a whole and as a historically specific social organization. This principle implies a comparative method and a critique of conventional economics. Besides, the problem of the interrelation between the economic system and other aspects of social life cannot be avoided. On this basis, Polanyi points out the peculiar "economic" nature of the market-capitalist society and explains the institutional transformations characterizing its history. The opposition "embedded/disembedded," used by Polanyi to distinguish pre-modern economies from the market economy, has been widely adopted in recent times, particularly by economic sociologists, as a key for understanding current complex economic phenomena. However, the reference to Polanyi often presupposes a distorted interpretation of his theory, and a different kind of institutional approach.

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  • Michele Cangiani, 2011. "Karl Polanyi's Institutional Theory: Market Society and Its "Disembedded" Economy," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(1), pages 177-198.
  • Handle: RePEc:mes:jeciss:v:45:y:2011:i:1:p:177-198
    DOI: 10.2753/JEI0021-3624450110
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    Cited by:

    1. Geoff Goodwin, 2022. "Double Movements and Disembedded Economies: A Response to Richard Sandbrook," Development and Change, International Institute of Social Studies, vol. 53(3), pages 676-702, May.
    2. Richters, Oliver & Siemoneit, Andreas, 2021. "Making markets just: Reciprocity violations as key intervention points," ZOE Discussion Papers 7, ZOE. institute for future-fit economies, Bonn.
    3. Geoff Goodwin, 2024. "Uneven decommodification geographies: Exploring variation across the centre and periphery," Environment and Planning A, , vol. 56(3), pages 883-904, May.
    4. Jamie Peck, 2013. "For Polanyian Economic Geographies," Environment and Planning A, , vol. 45(7), pages 1545-1568, July.
    5. Goodwin, Geoff, 2022. "Double movements and disembedded economies: a response to Richard Sandbrook," LSE Research Online Documents on Economics 113686, London School of Economics and Political Science, LSE Library.
    6. Giana M. Eckhardt & Fleura Bardhi, 2016. "The Relationship between Access Practices and Economic Systems," Journal of the Association for Consumer Research, University of Chicago Press, vol. 1(2), pages 210-225.
    7. Theresa Hager & Ines Heck & Johanna Rath, 2021. "Competition in Transitional Processes: Polanyi and Schumpeter," ICAE Working Papers 128, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

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