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Karl Polanyi, Globalisation and the Potential of Law in Transnational Markets

Editor(s): Christian Joerges, Josef Falke
Media of Karl Polanyi, Globalisation and the Potential of Law in Transnational Markets
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Published: 14-06-2011
Format: Hardback
Edition: 1st
Extent: 544
ISBN: 9781849461191
Imprint: Hart Publishing
Series: International Studies in the Theory of Private Law
Dimensions: 234 x 156 mm
RRP: £85.00
Online price : £76.50
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About Karl Polanyi, Globalisation and the Potential of Law in Transnational Markets

The patterns and impact of globalisation have become a common concern of all international jurists, sociologists, political scientists and philosophers. Many have observed the erosion of the powers of nation states and the emergence of new transnational governance regimes, and have sought to understand their internal dynamics, re-regulatory potential and normative quality. Karl Polanyi's seminal 'Great Transformation' is attracting new attention to such endeavours, mirroring a growing sensitivity to the social and economic risks of dis-embedding politics. Their re-construction by Polanyi, including his warning against a commodification of labour, land and money, provide the trans-disciplinary reference point for the contributions to this book. Political economy, political theory, sociology and political science inform this discussion of Polanyi´s insights in the age of globalisation. Further theoretical essays and case studies look at his 'false commodities': money, labour (and services), land (and the environment). Jurists have hardly ever discussed Polanyi, and the law has not been taken very seriously among Polanyians. It is nevertheless clear that economic stability and social protection are simply inconceivable without the visible hand of law. The legal discussion in the concluding chapters does not, and cannot, depart directly from such premises. The framework of their analyses is, instead, informed by current debates on the emergence of para-legal regimes, the fragmentation of international law and the prospects of constitutional perspectives within which the rule of law and the notion of law-mediated legitimate governance are established. Polanyi´s notion of the co-originality of dis-embedding moves and re-imbedding countermoves can, however, be usefully employed in the re-construction of the sociological background of the moves and tensions which jurists discern.

Table Of Contents

Introduction: The Social Embeddedness of Transnational Markets: Introducing and Structuring the Project
Christian Joerges and Josef Falke
Part I: General Theories
1. Transnational Markets and the Polanyi Problem
Alexander Ebner
2. Re-embedding the Market through Law? The Ambivalence of Juridification in the International Context
Regina Kreide
3. Re-embedding Neo-liberal Constitutionalism: A Polanyian Case for the Economic Sociology of Law
Sabine Frerichs
4. The Structural Tranformation of Embeddedness
Poul F Kjaer
Part II: Norm-generating Mechanisms: Middle-range Theories
5. Bringing Professions back in: A Fresh Look at the Dynamics of Institution-building in (World) Society
Martin Herberg
6. Enclosed Solutions for Common Problems? Uncertainty, Precaution and Collective Learning in Environmental Law
Olaf Dilling
Part III: Case Studies on the Dis-embedding and Re-embedding of Transnational Markets
(A) Financial Markets
7. Dis-embedding and Regulation: The Paradox of International Finance
Sol Picciotto
8. The Next 'Great Transformation'? The Double Movement in Transnational Corporate Governance and Capital Markets Regulation
Peer Zumbansen
(B) Organising and Legalising Services Transnationally
9. International Standards and the Service Economy
Jean-Christophe Graz
10. Commodifying and Embedding Services of General Interests in Transnational Contexts: The Example of Healthcare Liberalisation in the EU and the WTO
Markus Krajewski
11. Embedded Transnational Markets for Telecommunications Services
Olga Batura
(C) Labour Standards in De-nationalised Markets
12. WTO and ILO: Can Social Responsibility be Maintained in International Trade?
Josef Falke
13. The UN Special Representative on Business and Human Rights: Re-embedding or Dis-embedding
Transnational Markets?
Claire Methven O'Brien
14. Globalising Speenhamland: On the Transnational Metamorphosis of Corporate Social Responsibility
Marc Amstutz
Part IV: Re-embedding Transnational Markets through Law?
15. The State in International Law
Karl-Heinz Ladeur
16. The Dialectics of Transnational Economic Constitutionalism
Moritz Renner
17. The Constitution of Transnational Governance Arrangements: Karl Polanyi's Double Movement
in the Transformation of Law
Lars Viellechner
18. A New Type of Conflicts Law as the Legal Paradigm of the Postnational Constellation
Christian Joerges


“This edited volume is an exciting, challenging read. It would suit advanced scholars in a range of different disciplines as well as serve as an excellent text for an advanced group of post-graduate students studying sociology, law, economics and globalisation.

Written by a range of scholars, including many leaders in a number of areas such as economic sociology, transnational private regulation, transnational corporate governance, constitutional and international law, the book is a veritable goldmine of ideas and thinking across a multidisciplinary landscape that is as innovative as it is interesting.

The wealth of knowledge these scholars contribute has been drawn together and masterfully edited by the team of Christian Joerges and Josef Falke and put into a very readable, consistent, and intellectually challenging work. The chapters, each individually authored, have been very carefully worked through for clarity of expression and consistency of thought and language, and all range between 20-25 pages allowing for a thorough exposition of the particular topic at hand

...the only challenges in this book come from what the challenge of a good work is: the challenge of engaging in new thinking and with innovative ideas.

There is little to critique in such a dense, interesting, and well-thought out work. As noted, the leisure to work through it with a group of advanced students would be a pleasure. Its chapters are exceptionally well thought out, structured and written, and would readily serve as model papers for students.

” –  Dr Benedict Sheehy, Law and Politics Book Review, Volume 23, Number 7

“The papers in the volume have a broad scientific and interdisciplinary scope which makes their reading both fascinating and complex...a highly sophisticated and important collection of essays to challenging problems in legal and political science under the impact of globalisation. The wide scope of the contributions from a theoretical and problem-oriented perspective makes reading and understanding not easy, but certainly worthwhile and challenging.” –  Norbert Reich, Common Market Law Review, Volume 49, 4

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