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The Institutions of the MarketOrganizations, Social Systems, and Governance$
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Alexander Ebner and Nikolaus Beck

Print publication date: 2008

Print ISBN-13: 9780199231423

Published to Oxford Scholarship Online: September 2008

DOI: 10.1093/acprof:oso/9780199231423.001.0001

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Polanyian, Regulationist, and Autopoieticist Reflections on States and Markets and their Implications for the Knowledge‐Based Economy

Polanyian, Regulationist, and Autopoieticist Reflections on States and Markets and their Implications for the Knowledge‐Based Economy

Chapter:
(p.328) 14 Polanyian, Regulationist, and Autopoieticist Reflections on States and Markets and their Implications for the Knowledge‐Based Economy
Source:
The Institutions of the Market
Author(s):

Bob Jessop (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199231423.003.0015

This chapter examines Polanyi's substantive institutionalist analysis of market economies, market societies, and state intervention in the light of two later schools: the Parisian regulation approach to contemporary capitalism and systems-theoretical accounts of the market economy as an autopoietic system. All three regard the modern economy as an operationally autonomous system that is nonetheless socially embedded and needful of complex forms of social regulation. For each, an adequate account of economic activities should explore how they are related to the wider social environment; how they are embedded in a wider nexus of social institutions; how the latter assist in reproducing the capitalist (or market) economy; and how their development is coupled to these and other environing institutions. The chapter presents their respective accounts of economic institutedness and embeddedness, and then discusses the stability and reproducibility of the capitalist economy, paying particular attention to governance and meta-governance.

Keywords:   Karl Polanyi, market economies, market societies, state intervention, capitalism, governance, meta-governance

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