Political Economy of Market Society Dynamics
Summary
The political economy of market society dynamics explores the interplay between markets, political institutions and societal forces that collectively shape economic structures and outcomes. This field traces how states cultivate regulatory frameworks, how market actors influence policy through lobbying and corporate power, and how social movements respond to broad economic transformations. Central themes include the evolution of neoliberal reforms, the resilience of welfare regimes, the rise of digital platforms and their impact on labour markets, and the global shifts in production and finance. By integrating comparative institutional analysis with insights from sociology, history and geography, scholars illuminate pathways for inclusive growth, economic resilience and ecological sustainability. Practical applications range from designing more participatory regulatory regimes to crafting policies aimed at mitigating inequality and environmental degradation. This comprehensive perspective underscores the global significance of market dynamics and highlights the importance of balancing efficiency, equity and democratic accountability in contemporary economic governance.
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Technical terms
Embedded autonomy: A state’s capacity to engage closely with societal actors while retaining enough independence to implement coherent development policies.
Techno-economic paradigm: A recurring configuration of dominant technologies, organisational forms and institutional norms that drives long-term economic growth.
Hegemony: The predominating influence or authority of a particular social group, ideology or state over political, economic and cultural spheres.
Counter-hegemonic globalisation: Collective efforts by civil society, labour and advocacy networks to challenge neoliberal economic orders and propose alternative models of governance.
References
- From Embedded Autonomy to Counter-Hegemonic Globalization: A 60-Year Adventure in Exploring Comparative Political Economy. Annual Review of Sociology (2023).
- From Social Structures to Techno-Economic Paradigms: Comparison of Four Phases of Capitalism Theories. World Review of Political Economy (2023).
- Decolonizing the Past and Confronting Climate Change Futures: Bringing the State Back In. New Global Studies (2024).
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