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Review of "Principles of Economic Sociology", by Richard Swedberg

Shashank Shekhar 8al


8oll no 11M43

Concise, yet elaborative. Swedberg`s work may prove to be a landmark in the study oI
economic sociology, not because it unearths new grounds in the area but because it
conceptualises and sums up the works in the Iield with alacrity to establish a platIorm Ior
Iurther research and to look at the delicate, important yet ill-researched link between the
society and the economy. It encapsulates the Iundamentals oI economic sociology by tracing
the history oI the subject Irom the 19
th
century to the beginning oI the 21
st
century along with
presenting the concepts, ideas and Iindings over time to create a Iramework Ior budding
sociologists to research in a new way. Largely the book is a step by step guide to the subject
but a critical perspective that originates as a whole is with regard to the concept oI interest
wherein Swedberg implores the reader to move beyond the notion oI studying economic
sociology exclusively on the basis oI the impact oI social relations on economic actions.
From the very beginning, the author sets a tone where he is guiding the reader to understand
the road that this type oI study has taken and how societies have changed over time. But at no
occasion, does he pass judgements, and opinions expressed are very objective. Although,
Max Weber contributed the most among the classics to the Iield oI economic sociology which
is emphasised on in the Iirst chapter, Swedberg expounds the theories oI other sociologists as
well. For instance, Karl Polanyi`s important works on embededness` and Iorms oI
integration` or Schumpeter`s theory oI entrepreneurship and his analysis oI the economy in
Capitalism, Socialism and Democracy, which wasn`t seen as a work oI sociology by
Schumpeter himselI, have been covered. Overall he brings out all the major concepts that
have been worked upon in the Iield and the ones that have been leIt unstudied by sociologists
over time to give a good direction to the book in general.
As a guide to a student oI sociology, Swedberg does a commendable job oI presenting
comparisons without bias a Ieature apparent in the second chapter. The concept oI interest
has been explained Irom the minimalist point oI view oI Durkhiem, the maximalist approach
oI James Coleman and the others like Weber, Simmel and Bordieu, who as per Swedberg
Iall in between`. Though he does recognise certain theories as obsolete or incorrect, he
substantiates the redundancy each time with Iacts and logical reasoning as he does while
making a case Ior capitalism being the most important and also the natural point oI departure
Ior economic sociology`. Similarly, globalisation is looked at, by Swedberg, as a part oI the
economic organisation which needs better study to overcome the current exaggeration and
hype. While talking oI economic structures, Swedberg does not lose sight oI the Iirms. He
discusses the theories oI economics and how they can be used Ior better research in the Iield
oI sociological economics. He brieIly describes the way sociologists have studied Iirms and
suggests ways to take this part oI the economy in a diIIerent manner. While earlier studies
have mostly conIined themselves to resource dependency, population ecology and new
institutionalism to study the Iirms singularly as a representative Iirm, Swedberg suggests that
sociologists need to stop equating the Iirm with all other organisations, take into account the
history oI Iirms Irom a wider perspective and study oI the work oI the people employed in
greater detail. Importance oI study oI Iirms lies in the Iact that a large number oI people in
modern societies get their identity Irom their jobs and spend large chunks oI their time on the
job. He also comments on network analysis and the concept oI business groups.
To study the markets, Swedberg, not Ior the Iirst time in the book, tries to weave a connection
between the economist school oI thought and the sociological school oI thought. He talks oI
Adam Smith, AlIred Marshall, even economists Irom the Austrian school like Ludwig Van
Mises and Friedrich von Hayek and Keynesian economic thought to give a background to
how the markets changed with industrial organisation and aIter World War II. He then
summarises the works oI sociologists like Weber, Harrison White and Flingstein on markets
that include analysing the markets as competition into exchange, the W(y) model, markets as
networks, price theory and the idea that markets can be conceptualised as part oI a Iield. He
tries to suggest a better usage oI the historical study material and the concept oI interest to
arrive at sociological reasoning Ior the markets; and study the norms and the laws that govern
them. Swedberg analyses the changes in the Iorm oI money and the concept oI interest with
respect to diIIerent markets like labour markets, national or international markets, modern
mass markets, capital markets etc. and looks at the concept oI interest in that light Irom the
point oI view oI various entities like individuals, political authorities and society at large, that
are dependent on markets.
The political environment is, arguably, the most important non-economic institution in the
study oI economic sociology. Swedberg is careIul enough to not go deep into the political
thought but just limits himselI to the state`s participation in various economic theories but he
emphasises the importance oI studying politics and economy together. He analyses state Irom
the perspective oI the economists Irom works like %ree Duties of te Sovereign by Adam
Smith or constitutional economics oI James Buchanan or Douglas North`s neoclassical theory
oI the state to substantiate how the state has undergone change with respect to the times and
economy and how both the entities are inseparable. Max Weber`s theory oI domination and
Neil Flingstein`s ideas oI centrality oI state are major sociological perspectives to drive home
the same point. As Ior Iiscal sociology, Swedberg discusses the takes oI Schumpeter and
Weber but in the same breath he makes an apt argument about the chasm that exists in this
Iield oI study as nothing more concrete has been contributed ever since. Fiscal sociology, Ior
Swedberg, is the vantage point Irom where the role oI the state can be analysed.
The legal aspect oI the economy and its sociological impact has been leIt untouched by
sociologists, as Swedberg points out, 'There currently does not exist what in this book has
been called an economic sociology oI law that is, a sociological analysis oI the role oI law
in economic liIe. He takes Weber`s sociology oI law as a starting point and goes on to
discuss %e Lex Mercatoria, which laid the legal Ioundation Ior modern capitalism. In that
very essence, he talks voluminously on various legal institutions and the theories behind the
institutions. While Durkhiem`s analysis is highly speculative`, Weber`s work Iorms the basis
oI sociological study on property. Swedberg also notes that the idea that law and economy are
inherently conservative has been rejected.
On the issue oI culture and how it stands against economy and sub texts like economic trust
and consumption, Swedberg points out, yet again, to the lack oI cohesion between the
economic thought and sociological thought. Swedberg points to Weber`s analysis oI
economic ethic and his Iamous passage on the switchmen that describes how interests drive
people`s actions while culture (say, in the Iorm oI religion) supplies them with general
direction to establish the Iact that interests and culture belong intimately together. Weber`s
work points out the people`s tendency to assign distinct values to all oI their economic
activities. In diIIerent works, economic culture was also studied by Tocqueville, Geertz,
Merton and Lipset. There has been a shiIt in sociology Irom addressing the role oI culture in
economic development to investigating the role oI culture in economic liIe more generally
represented well by Bordieu`s concept oI cultural capital. This has Iurther resulted in the
inception oI the idea oI economic trust which Coleman deIines as a conscious bet` in an
exchange between a buyer and seller. The consumption aspect, Swedberg believes, belongs to
culture to the extent that it embodies something that people value and it needs to be integrated
into economic sociology.
In the penultimate chapter oI the book, Swedberg talks about gender and thereby continues
his journey to bring to the light areas that could provide new meaning to the study oI
economic sociology. To understand the relation between gender and sociology it is important
to understand the role oI gender and economics in the household, the situation oI women in
the labour market and the role oI emotions in the economy. Besides some oI the works oI
Weber, Louise Tilly and Joan Scott analysed peasants and working class women during
1700-1950 in France and England. But there is very little beyond these works to look into and
Swedberg analyses the current situation with a couple oI important pointers. Firstly, the role
oI women in the labour market has increased over the last century while the Iamily interest
has decreased in importance wherein today`s Iamily can be characterised as the result oI
diIIerent and conIlicting interests. Secondly, women are discriminated against on the job
which is directly related to devaluation oI women, which is universal in nature. As Ior the
role oI emotion, Arlie Hochschild in %e Managed Heart argues that emotions constitute an
organic part oI many economic acts. It oIIers an exciting research agenda to help close the
gap between 'the passions and the interests.
As concluding remarks, Swedberg poses some relevant questions to invite discussion. Since
economic sociology as a specialised Iield oI study is relatively new there are structural holes
in economic sociology. Swedberg tries to resolve these structural problems by suggesting the
sociologists to break away Irom the a-social individualism that pervades sociology oI
entrepreneurship. For the umpteenth time, Swedberg makes a case Ior the concept oI interest
and its role in economic sociology and all through the book he tries to show that there also
exists a sociological concept oI interest. Swedberg says, interests are wat drive te actions
of individuals at some fundamental level. To this must be added that interests are intensely
social phenomena. Other individuals have to be taken into account when an actor attempts to
realize her interests; there is also the Iact that interests are socially deIined. A third issue that
Swedberg raises is regarding the degree oI objectivity and reIlexivity in economic sociology.
He links objectivity and interests and says 'that the stronger the economic interests are, the
more they will shape objective reality. There is henceIorth also a direct link between
reIlexivity and interests. Finally, Swedberg argues that economic sociology could be used as
advocacy upon how the subject may be used in society. More than the opinions oI the people
as to how the economy needs to be organised, there is a need to connect to the interest oI the
people to enable a change.
This book promises a lot. By covering, possibly, all the areas oI economic sociology and
analysing the gaps that need to be Iilled and providing cues to carry out research, Swedberg
has given a whole new meaning to the subject. As he himselI says in the preIace to the book
that the subject may as well become one oI the key contenders in the twenty Iirst century Ior
analysing economic phenomena`, he does carry out his aim oI establishing the Iundamentals
oI economic sociology in a commendable Iashion.

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