The Social Structures Of The Economy

Much orthodox economic theory is based on assumptions which are treated as self-evident: supply and demand are regarded as independent entities, the individual is assumed to be a rational agent who knows his interests and how to make decisions corresponding to them, and so on. But one has only to examine an economic transaction closely, as Pierre Bourdieu does here for the buying and selling of houses, to see that these abstract assumptions cannot explain what happens in reality. As Bourdieu shows, the market is constructed by the state, which can decide, for example, whether to promote private housing or collective provision. And the individuals involved in the transaction are immersed in symbolic constructions which constitute, in a strong sense, the value of houses, neighbourhoods and towns. The abstract and illusory nature of the assumptions of orthodox economic theory has been criticised by some economists, but Bourdieu argues that we must go further. Supply, demand, the market and even the buyer and seller are products of a process of social construction, and so-called ‘economic' processes can be adequately described only by calling on sociological methods. Instead of seeing the two disciplines in antagonistic terms, it is time to recognize that sociology and economics are in fact part of a single discipline, the object of which is the analysis of social facts, of which economic transactions are in the end merely one aspect. This brilliant study by the most original sociologist of post-war France will be essential reading for students and scholars of sociology, economics, anthropology and related disciplines.

The late Pierre Bourdieu's study challenges the assumptions of orthodox economic theory by showing how the market is effectively constructed by the state. He contends that supply, demand, the market and even the buyer are products of a process of social construction.

The late Pierre Bourdieu's study challenges the assumptions of orthodox economic theory by showing how the market is effectively constructed by the state. He contends that supply, demand, the market and even the buyer are products of a process of social construction.

Much orthodox economic theory is based on assumptions which aretreated as self-evident: supply and demand are regarded asindependent entities, the individual is assumed to be a rationalagent who knows his interests and how to make decisionscorresponding to them, and so on. But one has only to examine aneconomic transaction closely, as Pierre Bourdieu does here for thebuying and selling of houses, to see that these abstractassumptions cannot explain what happens in reality. As Bourdieu shows, the market is constructed by the state, whichcan decide, for example, whether to promote private housing orcollective provision. And the individuals involved in thetransaction are immersed in symbolic constructions whichconstitute, in a strong sense, the value of houses, neighbourhoodsand towns. The abstract and illusory nature of the assumptions of orthodoxeconomic theory has been criticised by some economists, butBourdieu argues that we must go further. Supply, demand, the marketand even the buyer and seller are products of a process of socialconstruction, and so-called 'economic' processes can be adequatelydescribed only by calling on sociological methods. Instead ofseeing the two disciplines in antagonistic terms, it is time torecognize that sociology and economics are in fact part of a singlediscipline, the object of which is the analysis of social facts, ofwhich economic transactions are in the end merely one aspect. This brilliant study by the most original sociologist of post-warFrance will be essential reading for students and scholars ofsociology, economics, anthropology and related disciplines.

Although market importance is acknowledged, this work's emerging theme is the need to account for the ways in which multiple forms of social organization -- elite groups, communities & government structures -- influence economic processes.

The social structure of accumulation (SSA) approach seeks to explain the long-term fortunes of capitalist economies in terms of the effect of political and economic institutions on growth rates. This book offers an ideal introduction to this powerful tool for understanding capitalist growth, analysing the social and economic differences between countries and the reasons for the successes and failures of institutional reform. The contributors cover a wide range of topics, including the theoretical basis of the SSA approach, the postwar financial system, Marxian and Keynesian theories of economic crisis, labour-management relations, race and gender issues, and the history of institutional innovation. Combining newly written essays with classic articles of the SSA school, the book examines the international economy and the economies of Japan, South Africa, and Puerto Rico, as well as the United States.

This volume analyses contemporary capitalism and its crises based on a theory of capitalist evolution known as the social structure of accumulation (SSA) theory. It applies this theory to explain the severe financial and economic crisis that broke out in 2008 and the kind of changes required to resolve it. The editors and contributors make available new work within this school of thought on such issues as the rise and persistence of the "neoliberal," or "free-market," form of capitalism since 1980 and the growing globalization and financialization of the world economy. The collection includes analyses of the U.S. economy as well as that of several parts of the developing world.

Economy/Society provides an introduction to the ways in which economic exchanges are embedded in social relationships. It offers insights into advertising, consumer behaviour, conflicts in the work place, social inequality and other issues.