Index
Acemoglu, Daron 100
adaptation, in markets 60 – 61
Agamben, Giorgio 2
aggregation, logic of 107 – 110
AGIL concept (Parsons) 62
altruism, social justice 33
American Dream 98 – 99 , 114 , 120 – 121 , 125
Anglo-Saxon liberals 6
anomie concept 84 , 103 – 104 , 107
anthropology, Polanyi's analysis 18 – 19 , 20 , 22 , 29
Aquinas, Thomas 2
Aristotle 2 , 32 , 61
Arrow, Kenneth 3 – 4
Artadi, Elsa 100
Assmann, Jan 63
automation 122
autonomy, individuals 43 – 45 , 67
axial age 64
axial civilisations 116 – 117 , 118
balanced reciprocity 45
Barber, Benjamin 41 , 87 , 118
Beck, Ulrich 111 – 112
Beckert, Jens 41 , 47 – 48
Bellah, Robert 118
Benjamin, Walter 2
Berger, Peter 68 , 79
Block, Fred 19 , 20 , 21
Blumenberg, Hans 9
Böhm, Franz 5
Braudel, Fernand 46
Bretton Woods system 21 – 22 , 38 – 39 , 54
Bright, Charles 87
Burckhardt, Jacob 8
capital form of money 77
capitalism: credit 110 ; crises 21 – 22 ; disembedding of markets 1 – 2 , 12 – 13 ; double movement 19 – 21 , 22 , 25 ; economic theology 6 – 8 ; functional equivalence with religion 80 – 89 , 116 – 117 ; future of 120 – 126 ; globalisation 39 – 41 ; growth 97 ; innovation 84 – 85 , 90 – 91 , 92 ; logic of action 105 – 107 ; logic of aggregation 107 – 110 ; logic of the situation 97 – 104 ; mobilities 111 – 112 , 114 ; modernity and religion 67 – 70 ; Polanyi 19 – 22 , 28 – 29 ; self-representation 77 – 78 , 79 ; social class 49 – 51 ; social disembedding 45 ; trust and belief 77 – 78 ; uncertainty management 89 – 92 ; universality of markets 83 – 85
capitalist creative destruction 13 , 26 , 80 , 94 , 119
Casanova, José 68
Castells, Manuel 39 , 41
Chamberlin, Edward 106
change, perception of 57 – 58
Christian eschatology 6 , 7
civil religion 62 , 67
civil rights, free markets 32
civilizations, globalisation 41 – 42 , 116 – 117
C-M-C 47
collective bargaining 6
collective identity, capitalism 79 – 80
collective identity, religion 64 , 67 , 73 – 74
commodity forms 23 – 24 , 77
common good 13
communitarian approaches 126
competition in markets 106 – 107
consumerism, religion 69
contingency: capitalism 80 , 110 ; religion 14 , 80
cooperative models 125
core, world system theory 39
cosmopolitanism 44 , 86 – 89
creative destruction 13 , 26 , 80 , 94 , 119
creativity: capitalism 97 , 105 ; labour theory of value 72 – 73 ; material disembedding 47 – 50 ; pureness 51 – 52 ; as term 86
credit: capitalism 110 ; material disembedding 52 – 53 ; temporal disembedding 57 – 58
crises: capitalism 21 – 22 ; financialisation 113 – 114 ; self-regulation 53 – 54
critical theory 22 , 30 – 31 , 81
cultural context: globalisation 41 – 42 , 87 , 116 – 117 ; religion 64 – 65 ; religious pluralism 68 – 69
cultural framings, capitalism 102 – 104
cultural value system 62
culturalist bias 11
Debreu, Gerard 3 – 4
demonic, conceptions of 91
denationalised money 53 – 54
developing world 121
Dewey, John 47 – 48 , 105 , 107
digital technologies 122
disembedding of markets 1 – 2 ; expansion of options 12 – 13 ; historical context 35 – 37 ; material disembedding 46 – 54 ; self-representation 71 – 78 ; social disembedding 42 – 46 ; temporal disembedding 55 – 58 ; as term 11 – 12 , 37 ; territorial disembedding 38 – 42
disruptive innovation 51 – 52
double movement of capitalism 19 – 21 , 22 , 25
double-bind dilemma 84 , 98 , 102
Durkheim, Emile: character of religious representations 73 ; organic solidarity 61 – 62 ; primitive societies 63 ; religion as sociality 14 , 15 , 61 – 62 ; self-representation, role of religion 69
Durkheimian institutions 81 , 85 , 118
dynamic multi-level analysis (DMA) 96
ecological degradation 119 ; see also sustainability
economic growth see growth
economic man 18 , 19 , 21
economic prophets 55 – 56
economic sociology 45 , 83 , 116
economic theology 1 – 11
economy, as term 2
ego, collective identity 73 – 74
elevator effect 111 – 112
Elster, Jon 61
embeddedness: Polanyi 18 – 29 ; as term 11 ; see also disembedding of markets
embourgeoisement 104
empowerment, as term 86
entrepreneurship: future of 119 – 120 , 122 – 123 ; industrial revolution 48 – 49 ; innovation 48 – 49 , 96 , 97 , 103 – 104 , 107 – 111 ; logic of action 105 – 107 ; logic of aggregation 107 – 110 ; logic of the situation 97 – 104 ; multi-level analysis 96 ; social class 98 – 99 , 103 – 104 , 111 – 114 ; as term 86
environmental impacts of capitalism 118 – 119 ; see also sustainability
equilibrium theory 3 – 5
Esser, Hartmut 102
Eucken, Walter 5
exchange of use values 47
exclusive humanism 10
factors of production 46
family structures 101 – 102
Ferguson, Adam 31
fictitious commodities: land 52 , 54 , 124 ; material disembedding 52 , 54 ; Polanyi 19 – 20 , 24 – 26 ; temporal disembedding 57
financial crises see crises
financial markets: investment opportunities 113 , 123 – 125 ; self-regulation 53 – 54
financialisation 110 – 114 , 119
Foucault, Michel 86
free markets: civil rights 32 – 33 ; equilibrium theory 4 – 5 ; financial markets 124 ; laissez faire 36 ; social class 81 – 82
free work contract 47 , 49
Freeman, Christopher 109 , 110
functional differentiation approach 60 – 62 , 71 – 72 , 75 – 76
gender roles 101 – 102
general equilibrium 3 – 4
generalised reciprocity 45 , 50
Geyer, Michael 87
Giddens, Anthony 71
Global Entrepreneurship Monitor (GEM) 99 , 113
globalisation: capitalism 39 – 41 ; disembedding of markets 12 – 13 ; liberalism 22 ; money 37 ; sceptics of 87 – 89 ; transnational class 86 – 87 ; world system theory 39 ; world-society 116 – 117
globalization-trilemma 41
gold standard 26 – 27 , 53
government intervention: Anglo-Saxon liberals 6 ; land 54 ; ordoliberalism 5 – 6
Grampp, William 35 – 36
Granovetter, Mark 83 , 116
Great Depression 27
Great Transformation: capitalism 22 ; civil society 36 ; embeddedness and fictitious commodities 19 ; growth 26 ; labour market 53 ; markets 29 ; material disembedding 47
green economy 56 , 91 – 92
Grotius, Hugo 10
growth: credit 57 ; financial assets and investment opportunities 113 ; future of 121 ; Great Transformation 26 ; historical context 95 ; innovation 94 , 95 – 96 ; institutional theories 100 ; and social mobility 111 , 114 ; sustainable economy 91 – 92
Habermas, Jürgen: collective identity 73 – 74 ; lifeworld 30 , 85 – 86 ; secularisation 9
Hayek, Friedrich: denationalised money 53 – 54 ; disembedded markets 80 ; equilibrium theory 4 – 5 ; growth 96 ; markets as a process of discovery 73 , 80 ; social norms 84
Hegel, Georg Wilhlem Friedrich 72
hegemony of religion 64 – 65
historical context: ambiguities in Polanyi's analysis 18 – 29 ; disembedding of markets 35 – 37 ; growth 95 ; material disembedding 46 – 54 ; social disembedding 42 – 46 ; social system, markets as 30 – 33 ; temporal disembedding 55 – 58 ; territorial disembedding 38 – 42
historical materialism 72
Hochschild, Arlie 114 , 120 – 121
homo economicus 18 , 19 , 21
household economy 2
household work 42 – 43
humanism 10 – 11
Huntington, Samuel 41
immanent frame 10
individual autonomy 43 – 45 , 67
individualism: equilibrium theory 5 ; secularisation 10
individuality 43 , 125
industrial revolution: capitalism 89 – 90 ; entrepreneurship 48 – 49 ; markets 35 ; material disembedding 53 ; social class 50
inequalities: disembedding of markets 81 ; entrepreneurship 104 ; financialisation 123 ; market liberalism 33 ; social class 98 – 99 , 114
information economy 39
innovation: capitalism 84 – 85 , 90 – 91 , 92 ; entrepreneurship 48 – 49 , 96 , 97 , 103 – 104 , 107 – 111 ; growth 94 , 95 – 96 ; material disembedding 48 – 49 , 51 – 52 ; profit 97 ; temporal dimension 56
institutional economics 6 – 7
institutional theories of growth 100
institutionalisation, entrepreneurship 109
institutionalised value system 62
institutionally specialised religion 64 – 66 , 67 , 70 , 79
intellectualisation of religious belief 64
interest rates 113 – 114 , 124
intrapreneurship 104 , 122
investment opportunities 113 , 123 – 125
invisible hand 3 – 4 , 33
Jihad 87 , 118
Joas, Hans 47 – 48
justice, and liberalism 32 – 33
Knafo, Samuel 27 , 53
Knight, Frank 96
Konings, Martijn 37
Kontratieff, Nikolai 109 – 110
Koselleck, Reinhart 57 – 58
Krippner, Greta 116
Kuhn, Thomas 108
labour market: capitalism 84 , 122 – 123 ; Great Transformation 53 ; institutional regulation 101 ; material disembedding 47 ; outsourcing of household work 42 – 43 ; Polanyi 24 , 25 – 26 ; property rights 122 ; social class 49 – 51
labour theory of value 72 – 73
laissez faire 20 , 22
land: investment opportunities 123 – 124 ; material disembedding 46 – 47 , 52 , 54
land-value tax 54
Lester, Richard 106
liberalism: markets 21 , 32 – 33 , 35 ; ordoliberalism 5 – 6 ; self-regulation 20 – 22 ; social system, markets as 30 – 33
lifeworld 30 , 85 – 86
Locke, John 10
lock-in, entrepreneurship 109
logic of action 105 – 107
logic of aggregation 107 – 110
logic of the situation 97 – 104
Louca, Francisco 110
love, universality of markets 45
Löwith, Karl 8 – 9
Luckmann, Thomas 70 , 79
Luhmann, Niklas: collective identity 64 ; disembedding 71 – 72 ; epistemological paradox 72 , 74 – 76 ; functional differentiation approach 61 , 62 – 63 , 65
Lukács, Georg 72
Malthus, Thomas 89
managerial revolution 123
Manow, Philip 6
market exchange 23 , 31 , 37 , 83
market liberalism 21 , 32 – 33 , 35
market paradox 7
markets: equilibrium theory 4 – 5 ; Polanyi 18 – 19 ; in religion 69 – 70 ; as sub-system of society 13 , 37 , 60 – 66 ; see also disembedding of markets ; social system, markets as
Marxism: C-M-C and M-C-M 47 , 55 ; historical materialism 72 ; money 37 ; Polanyi's analysis 19 , 22 , 29 ; property rights 126 ; universal individuality 125
material dimension, markets 22 – 23 , 24 – 26
material disembedding 46 – 54 , 121 – 122
materialism 2
M-C-M 47 , 55
McWorld 87 , 118
Mead, George Herbert 31 , 73 – 74 , 82
media: contemporary market environment 86 ; social lifeworld 30
mercantilism 22 , 23
Merton, Robert: anomie concept 84 , 103 – 104 , 107 ; entrepreneurship 87 ; functional analysis 61 , 63
meta-paradigms 109 – 110
Meyer, John 41
migration, and social mobility 112 – 113
miracles 90
mobilities: and growth 111 ; social class 98 – 99 , 111 – 112 , 120 – 121 ; social disembedding 42 , 45 – 46 ; temporal disembedding 55 – 56 ; territorial disembedding 38
modernity, capitalism and religion 67 – 70
money: functional differentiation approach 61 ; individual autonomy 44 – 45 ; material disembedding 46 – 47 , 51 , 52 – 53 ; as medium 36 – 37 ; self-regulation 75 ; social disembedding 43 – 45 ; as socially integrating device 81 – 82 ; temporal disembedding 57 – 58 ; trust and belief 75
monopolistic competition 106
monotheistic religions 64 – 65
moral minimalism of markets 33 , 45 , 83
Müller-Armack, Alfred 5 , 6
multi-level analysis 96
mutual adaptation, entrepreneurship 105 – 106
nation state: globalisation 87 ; and territorial disembedding 40 – 41
nationalist political movements 87 – 88
natural order of markets 33
necessity-based entrepreneurship 99
Nelson, Benjamin 117
Nelson, Robert 6 – 7 , 8 , 13 , 78
neoliberalism 36 , 86
network approach 41
niches, entrepreneurship 106 – 107
North, Douglass 100
oikonomia 2 , 7 – 8 , 13
opportunity-based entrepreneurship 99
ordoliberalism 5 – 6
organic solidarity 61 – 62
otherhood 117 – 118
paleo-liberalism 5
Pareto optimality 4
Parsons, Talcott 61 , 62 , 118
path consolidation, entrepreneurship 109
path creation, entrepreneurship 109
Perelman, Michael 42
Perez, Carlota 109
periphery, world system theory 39
Piketty, Thomas 112
Piore, Michael 106
pluralism, religious 68 – 69
Polanyi, Karl: ambiguities in analysis 18 – 29 ; as disembedding theorist 15 , 18 ; embeddedness 11 ; liberalism as militant creed 36 ; social system, markets as 18 , 21 , 22 , 28 – 29 , 30 ; socially embedded economic action 116 ; stark utopia 45 ; Taylor's analysis 10 ; technocratic system 81
Polanyi-Levitt, Kari 19
political theology 1
price signals 4 – 5
Priddat, Birger 7 , 8
primitive accumulation 42
private property rights: future of 126 ; growth 121 – 122 ; individualism 85 ; institutional structures 100 ; money 36 ; Polanyi 22 , 28 ; social system 31 , 32
private sector, social disembedding 43
productivity growth 95 ; see also growth
profit 97
property, material disembedding 46 – 47
property rights see private property rights
prophecy effects 55 – 56
‘prosperity gospel’ 69
Prussia 49
public sector, social disembedding 43
quantitative easing 113 – 114 , 124
racist stereotyping 120
radical system functionalism 61
rational choice (RC) theories 47 – 48 , 96 , 105 – 106
rational knowledge 67
reciprocity 45 , 50
religion: economic theology 1 – 3 ; functional equivalence with capitalism 80 – 89 , 116 – 117 ; institutionally specialised 64 – 66 , 67 , 70 , 79 ; modernity and capitalism 67 – 70 ; self-representation 60 – 66 , 72 ; social character 14 ; sociology of 14 – 15 ; vs. theology 7 ; trust and belief 77 – 78
religious pluralism 68 – 69
religious values 62 – 63
Ricardo, David 72 – 73
Riesebrodt, Martin 14
Robinson, James 100
Rodrik, Dani 126
Röpke, Wilhelm 5
Rosa, Hartmut 56 – 57
Rüstow, Alexander 5 , 36
Sahlins, Marshall 45
Sala-i-Martin, Xavier 100
salvation 9 , 86 , 91
scarcity, in markets 60 – 61
Schmitt, Carl 1
Schumpeter, Joseph: creative destruction 13 ; creativity 97 , 105 ; entrepreneurship 120 ; gender roles 101 ; growth 96 ; innovation 48 , 97 ; social norms 84
Schütz, Alfred 55 , 102 – 103
secular rationalisation 63
secularisation: capitalism 6 , 7 ; contemporary context 8 – 11 ; criticism of theory 68 ; intellectualisation of religious belief 64 ; role of economic science 8 – 9
self-descriptions 74 – 75 , 76 – 77
self-fulfilment, as term 86
self-interest 5 , 7 , 31 – 32 , 33
self-regulation: financial markets 53 – 54 ; money 75 – 76 ; Polanyi 19 – 22 , 24 , 25 , 26
self-representation: dilemma of society 71 – 78 ; disembedded markets as 79 – 92 ; role of religion 60 – 66 , 72
Simmel, Georg: money 44 – 45 , 61 , 81 – 82 ; religious imagination 14
Sisyphean task 91 , 97
slavery 24 , 47
Smith, Adam: free markets 33 ; historical context 35 ; innovation 49 ; technical system, markets as 31 , 32 ; theology in economics 3 – 4 , 7 – 8
social class: capital and labour 49 – 51 ; entrepreneurship 98 – 99 , 103 – 104 ; historical context 35 ; mobilities 98 – 99 , 111 – 112 , 120 – 121 ; money 81 – 82 ; structural conditions 98 – 99 ; transnational class 86 – 87
social cohesion 62
social dimension, markets 22 – 27
social disembedding 42 – 46
social division of labor 42 , 55
social justice 33
social lifeworld 30 , 85 – 86
social norms 84
social policy interventions 6
social system, markets as: liberal narrative 30 – 33 ; Polanyi 18 , 21 , 22 , 28 – 29 , 30
social theory 11 , 60 – 66 , 72
social value spheres 62
socially embedded economic action 116
socially necessary labour 73
societal boundary management 70 , 80 – 89
society, markets as sub-system 13 , 37 , 60 – 66
society, universality of 116 – 117
sociology of religion 14 – 15
Sombart, Werner 97
spatial disembedding see territorial disembedding
spirit beliefs 63
Stark, David 106
stark utopia 21 , 45 , 60 , 118
state see government intervention ; nation state
stereotyping 120
Streeck, Wolfgang 21 , 85 , 118 , 121
structural background, financialisation 110 – 114
structural conditions, logic of the situation 97 – 104
structural-functionalist approach 61
subjective framings, capitalism 102 – 104
subtraction stories 10 – 11
sustainability 56 , 91 – 92
sustainable capitalism 113 – 114 ; see also environmental impacts of capitalism
symbolic self-representation 64 – 65
symbolic universe 79
symbolically generalised media 76
system theory 61 , 71 – 72
systemic autopoiesis 61
Tawney, Richard 10
taxation, land-value 54
Taylor, Charles 9 – 11 , 12
technical system, markets as 23 , 28 , 30 – 32
technological automation 122
technological paradigm 107 – 110
temporal dimension, markets 23 , 27 – 28
temporal disembedding 55 – 58
territorial dimension, markets 22 – 27
territorial disembedding 38 – 42
theology: economic theology 1 – 11 ; in economics 3 – 4 , 11 ; ordoliberalism 5 ; political theology 1 ; vs. religion 7 ; see also religion
Tillich, Paul 91
totemism 61
trade, territorial disembedding 38 – 40
transnational class 86 – 87
transnational trade 38 – 40
Turner, Bryan 69
universal individuality 125
universality in religion 64 – 65
universality of markets 22 – 24 , 37 , 45 , 80 – 89 , 116 , 125 – 126
universality of society 116 – 117
usury 117
utilitarianism 2
Viner, Jacob 6 – 7
vision, entrepreneurship 108 – 109
Vogl, Joseph 13 , 30
Weber, Max: capitalist system 2 ; contingency 14 ; institutionally specialised religion 67 ; money, role of 81 – 82 ; secular rationalisation 63 ; secularisation 10 ; social value spheres 62 ; sociology of religion 15
William of Auxerre 2
Williamsonian institutions 85 , 118
work contracts 47 , 49
world system theory 39
world-society 116 – 117