Paradoxes of the Market Wars

Bibliographic Data

ID5779258
AuthorsJuan C Pozo (0009-0003-1910-7895), Luis M Pozo (0000-0001-7897-2676)
Year2007
Volume71
Issue3
Pages322-347
Publication date2007-07-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueScience & Society (JOURNAL)
Journal identifiersISSN: 0036-8237 • E-ISSN: 1943-2801
PublisherGuilford Press (PUBLISHER • US)
DOI10.1521/siso.2007.71.3.322
OpenAlexW2025936734
LanguageEN
References cited51

The hegemony of neoclassical economics (NCE) has guaranteed the market pride of place in moral and political discussions, especially since the neoliberal onslaught. This has spawned two parallel and incompatible critiques from the left, one morally denouncing the destructive effects of a "disembedded" market that is a replica of the neoclassical one, the other attacking NCE because of its flawed depiction of real, "embedded," markets. Their coexistence impairs a consistent critique of capitalism, and their combination leads to paradoxes and is self-limiting, in that it contradictorily conjoins a vision of social theory that rejects the atomistic outlook of NCE with a moral vision that necessitates and recuperates that outlook supposedly rejected in the first place. The notion of disembeddedness is also theoretically and empirically problematic. What is needed is a consistent rejection of the focus on the market (itself derived from neoclassical hegemony), and the atomistic outlook (essentially a "model of man" inherited from NCE) in favor of a focus on the systemic properties of capitalism expressed in class relations and the logic of capital accumulation

Capital (architecture · Depiction · Limiting · Pride · Economic Theory and Institutions · Political Economy and Marxism · Weber, Simmel, Sociological Theory

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