Disembedded Markets: Economic Theology and Global Capitalism

1st Edition

Christoph Deutschmann

Routledge
January 28, 2019 Forthcoming
Reference - 192 Pages
ISBN 9781138614024 - CAT# K389432
Series: Classical and Contemporary Social Theory

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Summary

This book offers a sociological analysis of globalized 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-historic analysis of the disembedding process, together with an account of the built-in contradictions and limits of market universalization. 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 Marx, but also by Hayek and Luhmann – and questions the attempts of the emerging approach of ‘economic theology’ to draw parallels between the practices that arise from embedded markets and 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.

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