New trends in the economic sociology in the USA

Abstract

This review article is devoted to the presentation of recent trends in development of the economic sociology, in general, and in the USA, in particular. The return to the ?great (European) traditions? in the economic sociology started in the 1980-ties, with M. Granovetter?s article, published in AJS 1985, on ?social embeddedness? of economic actions. Relying on the most recent publications in this field, author presents the key principles of economic sociology (on economic action as a form of social action, on economic institutions as ?social construction? and on economic actions as socially situated and ?embedded? activities) and contrast approaches of economy and sociology in studying economic phenomena. Some key concepts of the new economic sociology (social embeddedness, social network, social capital) were analyzed through some important investigations where these concepts were applied. It has been stressed that the new economic sociology reintegrate sociological studies of work, organization, stratification, culture and global social development and brings an alternative, more comprehensive understanding of economic phenomena then one provided by mainstream economic studies. New economic sociology in USA and in other developed societies enhanced the social role of sociology as a modern profession. Finally, these recent developments in economic sociology are relevant for the study of countries in post-socialist transformation. ?Economism? which characterized most ?transition? approaches in these countries has lead to the inefficient ?change policies?, greatly by ignoring ?social embeddedness? of the former and prospective ?economic order?.