Abstract
The article sets out to demonstrate the continuing relevance of the concept of embeddedness in economic sociology, juxtaposing it with the question of disembeddedness through an analysis of three time periods. In the first period, the interpretation of the concept introduced by Karl Polanyi was marked by the notion of “social construction of the economy.” In the second period, the debate focused on criticizing the liberalizing agenda of the Washington Consensus, suggesting that its negative effects on economic development and social solidarity would force the state to retake control of the economy, re-embedding it. The third period acknowledges the specificity of the market economy through an analysis of neoliberalism as a political-institutional arrangement and a moral-normative system that produces “embeddedness on disembeddedness.” The article also discusses the re-establishment of social solidarity in an increasingly disembedded economy.
Keywords:
Karl Polanyi; market; political economy; institutions; social solidarity