Quotation Frerichs, Sabine. 2017. The Rule of the Market: Economic Constitutionalism Understood Sociologically. In: Sociological Constitutionalism, Hrsg. Blokker, Paul; Thornhill, Chris, 241-264. Cambridge: Cambridge University Press.


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Abstract

Setting out from the works of Max Weber and Karl Polanyi, this chapter outlines a sociology of economic constitutionalism. The starting point is a functional definition of economic constitution as the law constituting the market order, no matter if it is public or private, national or international, official or informal law. Economic constitutionalism is understood as a system of thought, which emphasises the role of a liberal economic constitution in integrating the global economy. Adapting Weber’s ideal-typical method, the economic constitution is conceived as a constitutional ideal type, next to juridical constitution, political constitution, social constitution, and security constitution. Sociologically speaking, these ideal types capture different constitutional rationalities, which are all culturally significant but not equally successful in the global age. Drawing on Polanyi’s work, which exposes the self-regulating market as an artefact of economic thinking, the argument proceeds by highlighting the constitutive role of economics in constructing the law of the globalised market society. After economic law came to be embedded in national welfare states in the twentieth century, economic constitutionalism furthers the opening up of national laws and economies. In contrast to the rule of law, the rule of the market is inherently transnational in character.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Chapter in edited volume
Language English
Title The Rule of the Market: Economic Constitutionalism Understood Sociologically
Title of whole publication Sociological Constitutionalism
Editor Blokker, Paul; Thornhill, Chris
Page from 241
Page to 264
Location Cambridge
Publisher Cambridge University Press
Year 2017
Reviewed? Y
URL https://www.cambridge.org/academic/subjects/law/constitutional-and-administrative-law/sociological-constitutionalism
ISBN 9781107124042

Associations

People
Frerichs, Sabine (Details)
Organization
Institute for Sociology and Social Research IN (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
5115 European integration (Details)
5402 General sociology (Details)
5415 Economic sociology (Details)
5430 Sociology of law (Details)
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