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Economy in Society Economy in Society Economy in Society: Economic Sociology Revisited by Jacek Tittenbrun Translated by Jacek Tittenbrun and Barbara Jazienicka Economy in Society: Economic Sociology Revisited, by Jacek Tittenbrun This book first published 2011 Cambridge Scholars Publishing 12 Back Chapman Street, Newcastle upon Tyne, NE6 2XX, UK British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Copyright © 2011 by Jacek Tittenbrun All rights for this book reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. ISBN (10): 1-4438-3145-X, ISBN (13): 978-1-4438-3145-1 Translation funded by the Polish Foundation of Science TABLE OF CONTENTS* Foreword .................................................................................................... xi Chapter I.1................................................................................................... 1 Economic Sociology: Traditions and Origins I.1.1. Pre-classical Economics I.1.2. Classical Political Economy I.1.3. Historical School of Economics I.1.4. Neoclassical economics I.1.5. Institutionalism I.1.6. German wirtschaftssoziologie. I.1.7. French sociology of the economy I.1.8. The origins of sociology of the economy in the U.S. I.1.9. American economics and sociology I.1.10. Economic anthropology I.1.11. Economic psychology I.1.12. New economic sociology Chapter I.2................................................................................................. 96 “Wirtschaft und Gesellschaft” by Max Weber I.2.1 Sociology of the economy and economic sociology I.2.2. The economy, the state and law I.2.3. The problem of rationality I.2.4. The formal and substantive rationality of economic action I.2.5. Capitalism and its genesis I.2.6. Property I.2.7. Theory of class * The abbreviation “I” refers to what is termed in the present book sociology of the economy, whereas “II” denotes economic sociology. Both concepts are explained in the first section of Chapter Two viii Table of Contents Chapter I.3............................................................................................... 164 Talcott Parsons and Neil Smelser’s “Economy and Society” as an Example of Sociology of the Economy I.3.1. Basic principles I.3.2. The economy vs. The polity I.3.3. The economy and science I.3.4. The economic microstructure I.3.5. The economy and family I.3.6. Summary and theoretical-methodological conclusions I.3.7. Economics and Sociology from the Standpoint of “Economy and Society” I.3.8. Modern Capitalism as portrayed in “Economy and Society” I.3.9. Parsons’ sociology of money Chapter I.4............................................................................................... 187 The Property Rights Theory I.4.1. Ownership structure and performance I.4.2. Managerial rewards I.4.3. Market for corporate control Chapter I.5............................................................................................... 213 The Austrian School I.5.1. Introduction I.5.2. Methodology I.5.3. The Perils of Subjectivism I.5.4. The Perils of Methodological Individualism I.5.5. Entrepreneurship and Ownership I.5.6. Market information and ecology I.5.7.Conclusions Chapter II.6.............................................................................................. 238 The Theory of Social Exchange by G. C. Homans as an Example of Economic Sociology II.6.1. Basic principles II.6.2. The propositions of the theory of exchange in the light of its own assumptions II.6.3. The theory of social exchange and the commonsense knowledge or every stick has two ends II.6.4. Sociology and economics II.6.5. The utilitarian man II.6.6. Interactions vs. Society at large II.6.7. rational action and structure Economy in Society ix Chapter II.7.............................................................................................. 273 Economic Sociology or Economic Imperialism? The Case of Gary S. Becker II.7.1. The scope of Becker’s economic approach II.7.2. Fixed preferences II.7.3. Human capital II.7.4. Households II.7.5. Families II.7.6. Marriage II.7.7. Social capital II.7.8. Human capital, social capital and ownership of labour power II.7.9. Economic sociology of politics Chapter II.8.............................................................................................. 334 Public Choice Theory as an Economic Sociology of Politics II.8.1. Historical background II.8.2. KEY principles II.8.3. Public choice theory criticised Chapter I.9............................................................................................... 379 Capitalism in Plural I.9.1. Definition of capitalism I.9.2. VC literature discussed I.9.3. Economic ownership I.9.4. The distinction between shareholder capitalism and stakeholder capitalism in ownership terms I.9.5. Debt relations as economic ownership relations I.9.6. Transaction costs as the core issue of stakeholder capitalism I.9.7. Some further features of stakeholder capitalism I.9.8. shareholder capitalism VS. stakeholder capitalism I.9.9. Maximisation of corporate wealth vs. Maximisation of shareholder value I.9.10. Theoretical grounds I.9.11. Taxation as a form of economic ownership I.9.12. Conclusion I.9.13. Prediction x Table of Contents Chapter I.10............................................................................................. 404 An Introduction to the Sociology of the Economy from the Perspective of Socio-economic Structuralism I.10.1. Introductory remarks I.10.2. Society as a set of structures I.10.3. Activist versus contemplativ approach to structures I.10.4. Material work I.10.5. Substantive work I.10.6. The definition of services I.10.7. Non-substantive work I.10.8. Social consciousness I.10.9. Structure and Agency Chapter I.11............................................................................................. 424 Ownership, Class and Estate I.11.1. The two faces of ownership I.11.2. Theory of class I.11.3. The estate structure Chapter II.12............................................................................................ 492 Economic Sociology or the Economic Structure and the Non-economic Societal Structures as conceived by Socio-economic Structuralism II.12.1. The fundamental thesis of economic sociology as a theoretical- empirical proposition II.12.1.2. material work, immaterial work, and quasi-work as actions PERFORMED in the course of definite periods of time II.12.1.3. The economic structure as a source of the means of activity of non-economic structures II.12.1.4. Socio-economic conditioning of language II.12.1.5. Social consciousness as a reflection of material work II.12.1.6. Quasi-work as conditioned by ownership of capital and labour power Afterword ................................................................................................ 510 Bibliography............................................................................................ 515 Index........................................................................................................ 579 FOREWORD This book is, in a sense, a rather odd animal. The reason for this is that its author attempts what is commonly considered an impossible mission—he would like the book to be all things to all people. Well, perhaps a more modest formulation would be appropriate. The book may be read in at least two different ways. Firstly, its author does not hide the fact that it is meant to be not only an overview of the discipline’s historical background and both old and contemporary achievements, but also as a novel perspective within the field, and hopefully a ground- breaking one. Its socio-economic approach, based on a new and in many respects theoretical and conceptual apparatus, is not only valuable in its own right, but casts light on many phenomena and conceptions providing a range of fresh insights. From this perspective the book may be treated as a (not altogether typical) textbook on what has come to be known as economic sociology. However, it should have at least some appeal for the so-called common or average reader, as another strength of the book lies in the fact that it is both scientifically rigorous and written in an accessible style. It manages, hopefully, to avoid mathematical and other jargon so common in economics and sociology which should broaden its potential readership. Both from the viewpoint of the academic and the general reader, however, the book will be, at least such are the author’s hopes and expectations, considered as thought-provoking. It follows that the author is well prepared for the fact that his product may stir some, or even a storm of controversy. After all, it is only owing to sometimes harsh debate and discussion that any progress in science, social science included, can emerge. CHAPTER I.1. ECONOMIC SOCIOLOGY: TRADITIONS AND ORIGINS I.1.1. Pre-classical Economics Economic sociology, as a specific sub-discipline of sociology, crystallised not so long ago. Published in 1937, the Encyclopaedia of Social Sciences contained no article on the sociological approach to economic phenomena and processes. Published thirty years later (1968), the International Encyclopaedia of Social Sciences, despite containing the term "economy and society," still lacked the term "Economic Sociology." In the following three decades, the position of economic sociology was very different,
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