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This book offers a sociological analysis of globalised capitalist markets, advancing the notion of ‘disembedded markets’ to challenge the idea of ‘social embeddedness’ common in economic sociology. Avoiding an exclusive focus on institutions, networks and trust relationships surrounding markets, the author concentrates on private property as the key institution of markets, in order to emphasise the historical origins of modern capitalism the free market narrative, and develop a socio-historical analysis of the disembedding process together with an account of the built-in contradictions and limits of market universalisation. Through an analysis of their encompassing character, this volume demonstrates that disembedded markets do not fit standard theoretical accounts of sociality – a problem taken up not only by Karl Marx, but also by Friedrich August von Hayek and Niklas Luhmann – and questions the attempts of the emerging approach of ‘economic theology’ to draw parallels between the practices that arise from disembedded markets and from forms of religious experience and ritual. A rigorous examination of the phenomenon of disembedded markets and the claims to which they give rise concerning the equivalences between religion and capitalism, this book will appeal to scholars of sociology and economics with interests in capitalism, social theory, and global markets.
"A co-publication with the Social Science Research Council."
A scintillating conversation on capitalism and crisis from two of our most incisive political philosophers Capitalism, by the twenty-first century, has brought us an era of escalating, overlapping crisis–ecological, political, social–which we may not survive. In this brilliant, wide-ranging conversation, political philosophers Nancy Fraser and Rahel Jaeggi identify capitalism as the source of the devastation and examine its in-built tendency to crisis. In an exchange that ranges across history, critical theory, ecology, feminism and political theory, Fraser and Jaeggi find that capitalism's tendency to separate what is connected–human from non-human nature, commodity production and social reproduction–is at the heart of its crisis tendency. These "boundary struggles," Fraser and Jaeggi conclude, constitute capitalism's most destructive power but are also the sites where a fighting left movement might be able to halt the destruction and build the non-capitalist future we so desperately need. A crucial text for students of political theory, economic theory, and social change, Capitalism offers an invigorated critique of twenty-first century capitalism and an incisive study of our current conjuncture.
Second Wave feminism emerged as a struggle for women's liberation and took its place alongside other radical movements. But feminism's subsequent immersion in identity politics coincided with a decline in its utopian energies and the rise of neoliberalism. Now, foreseeing a revival in the movement, Fraser argues for a reinvigorated feminist radicalism able to address the global economic crisis.
An Age of Limits outlines a new social theory for understanding contemporary society. Providing an analysis of why political, economic and cultural powers face constraints across the global North and beyond, this bold book argues that forces which address current challenges must confront the limits of the interplay between dominant institutions.
Political Communication and Social Theory presents an advanced and challenging text for students and scholars of political communication and mass media in democracies. It draws together work from across political communication, media sociology and political sociology, and includes a mix of theoretical debate and current examples from several democratic media systems. Its wide ranging discussions both introduce and contest the traditional scholarship on a number of contemporary topics and issues. These include: comparative political and media systems theories of democracy, representation and the public sphere political party communication, marketing and elections the production of news media and public policy media sociology and journalist-source relations celebrity politics, popular culture and political leadership new media and online democracy national-global politics and international political communication foreign policy-making, war and media the crisis of public communication in established democracies. At the same time, Political Communication and Social Theory also offers a fascinating investigation of the causes of crisis in established political and media systems. In today’s democracies, trust in politicians, state institutions and mainstream media sources has dropped to new lows. The traditional business model that sustained journalism is failing and nations are struggling to respond to the existing global recession and impending environmental and resource crises. Drawing on interviews with over 100 experienced politicians, journalists and civil servants, Aeron Davis explores how the varied political actors and communicative processes, at the centre of UK democracy, may or may not be contributing to such crisis tendencies.
A stunningly novel account of why populism and fascism are on the rise in the early 21st century. There is no question that we live in paradoxical times. In the most technologically advanced societies, wild conspiracy theories and a broad distrust of science and expertise have created deep political divisions that are splitting nations in two. In Defensive Nationalism, Beth S. Rabinowitz looks at the rise of nativism and populism today by using the works of two great theoreticians: Karl Polanyi and Joseph Schumpeter. Drawing from both theory and history, she combines Polanyi's concept of the "double movement" away from markets and toward social protection with Schumpeter's theory of innovation. Rabinowitz argues that the rapid transformation of transportation and communications during the Industrial Revolution and the Digital Revolution created economic interdependence and capital flows that induced liberal social, economic, and political changes. In response, separate populist movements, stemming from particular national histories and struggles, arose concurrently. Rabinowitz calls these illiberal responses "defensive nationalism" and reframes nationalism as a three-part process: creative, consolidating, and defensive. Constructing new parameters through which we can study these socio-political patterns across time and space, this book weaves together a fascinating narrative that spans two centuries.
Why are we obsessed with calculating our selections? The author argues that competitive trade nurtures calculative reason, which provides the ground for most discourses on economy. But market descriptions of economy are incomplete. Drawing on a range of materials from small ethnographic contexts to global financial markets, the author shows that economy is dialectically made up of two value realms, termed mutuality and impersonal trade. One or the other may be dominant; however, market reason usually cascades into and debases the mutuality on which it depends. Using this cross-cultural model, the author explores mystifications of economic life, and explains how capital and derivatives can control an economy. The book offers a different conception of economic welfare, development, and freedom; it presents an approach for dealing with environmental devastation, and explains the growing inequalities of wealth within and between nations.
This volume considers how the work of Polanyi can contribute to our understanding of the relationship between market and society.
Revisiting the magnetic poles of Karl Polanyi and Friedrich Hayek on the utopian springs of political economy, this book seeks to provide a compass for questioning the market economy of the twenty-first century. For Polanyi, in The Great Transformation, the utopian springs of the dogma of liberalism existed within the extension of the market mechanism to the ‘fictitious commodities’ of land, labour, and money. There was nothing natural about laissez-faire. The progress of the utopia of a self-regulating market was backed by the state and checked by a double movement, which attempted to subordinate the laws of the market to the substance of human society through principles of self-protection, legislative intervention, and regulation. For Hayek, in The Road to Serfdom, the utopia of freedom was threatened by the abandonment of individualism and classical liberalism. The tyranny of government interventionism led to the loss of freedom, the creation of an oppressive society, and the despotism of dictatorship that led to the serfdom of the individual. Economic planning in the form of socialism and fascism had commonalities that stifled individual freedom. Against the power of the state, the guiding principle of the policy of freedom for the individual was advocated. Taking these different aspects of market economy as its point of departure, this book promises to deliver a set of essays by leading commentators on twenty- first- century political economy debates relevant to the present conjuncture of neoliberalism. The chapters in this book were originally published in a special issue of the journal Globalizations.