Abstract
Karl Polanyi started his career as a doctor of law and practiced law for a while; but he did not become a legal scholar. As an economic historian, anthropologist, or sociologist, he was concerned with the relation of economy and society. But even though law is an important factor in mediating this relationship, Polanyi gave little attention to the law as such. As part of an endeavour to advance a ‘Polanyian’ economic sociology of law, this article develops the ‘law of market society’ as an analytical category. For this purpose, three argumentative strategies are combined. First, the article draws on The Great Transformation to reconstruct the role of law in the processes of commodification and decommodification. Second, it turns to Marxist scholarship to explore the conceptual link between law and economics and to ponder to what extent law itself can become a commodity. Third, it links Polanyi’s approach with American institutionalism, and Commons’ work in particular, to show how the evolution of the ‘law of market society’ can also be understood as a collective enterprise which continuously evolves. It is argued that these perspectives complement each other and help to bring the law back in where it is missing.
Highlights
IntroductionKarl Polanyi (1886–1964) started as a student of law. When he turned eighteen in 1904, he took one of the options available for members of the educated class and enrolled in the law faculty
Polanyi’s vocationKarl Polanyi (1886–1964) started as a student of law
It turns to Marxist scholarship to explore the conceptual link between law and economics and to ponder to what extent law itself can become a commodity
Summary
Karl Polanyi (1886–1964) started as a student of law. When he turned eighteen in 1904, he took one of the options available for members of the educated class and enrolled in the law faculty. 310), Polanyi’s later wife Ilona recalls that the careers carved out for the three Polanyi brothers in business, law and medicine, respectively, in each case took ironic turns This is most obvious in Karl’s case, “who was quite unable to tell a fib in the interests of a client” and, instead, “found his true vocation in telling disagreeable truths—at all times and in all circumstances” I will explore a perspective that remained underdeveloped in Polanyi’s work because he was more of an economic historian, anthropologist, and sociologist than a legal scholar: the law of market society (Frerichs 2016).. I will explore a perspective that remained underdeveloped in Polanyi’s work because he was more of an economic historian, anthropologist, and sociologist than a legal scholar: the law of market society (Frerichs 2016).1 This captures the role of law in the commodification process as well as its potential for decommodification. These ‘complements’ of Polanyi’s work add important perspectives on the law of market society: of law as a commodity as well as of law as an institution
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