Abstract
Karl Polanyi remains one of the most trenchant critics of neoclassical economics. His “embeddedness” thesis, which holds that all economic activities and institutions are enmeshed in social relations and institutions, offers a sound theoretical basis for economic sociology. Nonetheless, he fails to embed the market concept. This theoretical lacuna manifests itself in his classic account of the rise of market society in England, The Great Transformation ([1944] 1957), where he neglects to consider institutional diversity and discontinuities in English commercial development. Polanyi's embeddedness thesis can be taken to its logical conclusion; that is, even the market can be embedded. “Markets” can be treated as social networks or organizations constituted by traders. I offer as an empirical illustration a brief case study of the rise of “market society” in England.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
