Rev Austrian Econ (2008) 21:107–118 DOI 10.1007/s11138-007-0033-1 INTRODUCTION Social embeddedness, social capital and the market process: An introduction to the special issue on Austrian economics, economic sociology and social capital Paul Lewis & Emily Chamlee-Wright Published online: 2 February 2008 Springer Science + Business Media, LLC 2007 . . Keywords Economic sociology Trust Social capital . . . JEL codes A12 B40 B41 B53 1 General introduction Two of the most influential concepts in social science over the past two decades have been ‘social embeddedness’ and ‘social capital’. The essays in this symposium examine these concepts from the perspective provided by Austrian economics, considering their compatibility with the Austrian theory of the market process and whether reformulating them in the light of Austrian ideas can contribute fresh insights. The idea that economic activity is ‘socially embedded’ has received widespread attention since the publication of Mark Granovetter’s seminal essay on ‘Economic Action and Social Structure: The Problem of Embeddedness’, published in the American Journal of Sociology in 1985. Hailed as a landmark in the rise of the so-called new economic sociology, Granovetter’s paper has also exerted considerable influence on various heterodox schools of economic thought (Swedberg 2003:33–37; Davis 2004). For
The Review of Austrian Economics – Springer Journals
Published: Feb 2, 2008
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