Society and Economy : Framework and Principles

__Society and Economy__--a work of exceptional ambition by the founder of modern economic sociology--is the first full account of Mark Granovetter's ideas about the diverse ways in which society and economy are intertwined.The economy is not a sphere separate from other human activities, Granovetter writes. It is deeply embedded in social relations and subject to the same emotions, ideas, and constraints as religion, science, politics, or law. While some actions can be understood in traditional economic terms as people working rationally toward well-defined ends, much human behavior is harder to fit into that simple framework. Actors sometimes follow social norms with a passionate faith in their appropriateness, and at other times they conform without conscious thought. They also trust others when there is no obvious reason to do so. The power individuals wield over one another can have a major impact on economic outcomes, even when that power arises from noneconomic sources.Although people depend on social norms, culture, trust, and power to solve problems, the guidance these offer is often murky and complicated. Granovetter explores how problem solvers improvise to assemble pragmatic solutions from this multitude of principles. He draws throughout on arguments from psychology, social network studies, and long-term historical and political analysis and suggests ways to maneuver back and forth among these approaches. Underlying Granovetter's arguments is an attempt to move beyond such simple dualisms as agency/structure to a more complex and subtle appreciation of the nuances and dynamics that drive social and economic life. Society and Economy --a work of exceptional ambition by the founder of modern economic sociology--is the first full account of Mark Granovetter's ideas about the diverse ways in which society and economy are intertwined. The economy is not a sphere separate from other human activities, Granovetter writes. It is deeply embedded in social relations and subject to the same emotions, ideas, and constraints as religion, science, politics, or law. While some actions can be understood in traditional economic terms as people working rationally toward well-defined ends, much human behavior is harder to fit into that simple framework. Actors sometimes follow social norms with a passionate faith in their appropriateness, and at other times they conform without conscious thought. They also trust others when there is no obvious reason to do so. The power individuals wield over one another can have a major impact on economic outcomes, even when that power arises from noneconomic sources. Although people depend on social norms, culture, trust, and power to solve problems, the guidance these offer is often murky and complicated. Granovetter explores how problem solvers improvise to assemble pragmatic solutions from this multitude of principles. He draws throughout on arguments from psychology, social network studies, and long-term historical and political analysis and suggests ways to maneuver back and forth among these approaches. Underlying Granovetter's arguments is an attempt to move beyond such simple dualisms as agency/structure to a more complex and subtle appreciation of the nuances and dynamics that drive social and economic life. This is the first full account of Mark Granovetter?s ideas about the diverse ways in which society and economy are intertwined. The economy is not a sphere separate from other human activities, Granovetter writes. It is deeply embedded in social relations and subject to the same emotions, ideas, and constraints as religion, science, politics, or law. While some actions can be understood in traditional economic terms as people working rationally toward well-defined ends, much human behavior is harder to fit into that simple framework. Actors sometimes follow social norms with a passionate faith in their appropriateness, and at other times they conform without conscious thought. They also trust others when there is no obvious reason to do so. The power individuals wield over one another can have a major impact on economic outcomes, even when that power arises from noneconomic sources. Although people depend on social norms, culture, trust, and power to solve problems, the guidance these offer is often murky and complicated. Granovetter explores how problem solvers improvise to assemble pragmatic solutions from this multitude of principles. He draws throughout on arguments from psychology, social network studies, and long-term historical and political analysis and suggests ways to maneuver back and forth among these approaches. Underlying Granovetter?s arguments is an attempt to move beyond such simple dualisms as agency/structure to a more complex and subtle appreciation of the nuances and dynamics that drive social and economic life In Society And Economy, Mark Granovetter Sees The Economy As One Of Many Activities In Society - A Term That Refers To Everything People Do With One Another And How This Adds Up To A Recognizable Whole. Some Economic Action Can Be Well Understood As People Rationally Using Means Towards Well-defined Ends, But Much Of It Is Harder To Fit Into Such A Simple Framework. Actors Follow Norms That Specify The Right Thing To Do, At Times With Passionate Belief, And At Others, Without Conscious Thought. They Trust Others When There Is No Obvious Reason To Do So. And They Wield Power Over One Another That Comes From Non-economic Sources But Has Major Impact On Economic Outcomes. The Book Explores How Problem-solving Actors Assemble Solutions From This Kaleidoscope Of Principles, In Ways That Psychologists And Philosophers Describe As Pragmatic, Drawing On Arguments Ranging From Individual Psychology To Social Networks To Long-term Historical And Political Analysis.-- Introduction: Problems Of Explanation In Economic Sociology -- The Impact Of Mental Constructs On Economic Action: Norms, Values, And Moral Economy -- Trust In The Economy -- Power In The Economy -- The Economy And Social Institutions -- The Interplay Between Individual Action And Social Institutions. Mark Granovetter. Includes Bibliographical References And Index. In Society and Economy, Mark Granovetter sees the economy as one of many activities in "society"--A term that refers to everything people do with one another and how this adds up to a recognizable whole. Some economic action can be well understood as people rationally using means towards well-defined ends, but much of it is harder to fit into such a simple framework. Actors follow norms that specify the "right" thing to do, at times with passionate belief, and at others, without conscious thought. They trust others when there is no obvious reason to do so. And they wield power over one another that comes from non-economic sources but has major impact on economic outcomes. The book explores how problem-solving actors assemble solutions from this kaleidoscope of principles, in ways that psychologists and philosophers describe as "pragmatic," drawing on arguments ranging from individual psychology to social networks to long-term historical and political analysis.-- Provided by publisher Cover 1 Contents 6 Acknowledgments 8 1. Introduction: Problems of Explanation in Economic Sociology 12 2. The Impact of Mental Constructs on Economic Action: Norms, Values, and Moral Economy 37 3. Trust in the Economy 67 4. Power in the Economy 102 5. The Economy and Social Institutions 146 6. The Interplay between Individual Action and Social Institutions 182 Notes 218 References 226 Index 246

A work of exceptional ambition by the founder of modern economic sociology, this first full account of Mark Granovetter's ideas stresses that the economy is not a sphere separate from other human activities but is deeply embedded in social relations and subject to the same emotions, ideas, and constraints as religion, science, politics, or law.