The Law of Market Society : A Sociology of International Economic Law and Beyond

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Frerichs , S 2016 , ' The Law of Market Society : A Sociology of International Economic Law and Beyond ' , Finnish yearbook of international law , vol. 23 , pp. 173-237 .

Title: The Law of Market Society : A Sociology of International Economic Law and Beyond
Author: Frerichs, Sabine
Contributor organization: Faculty of Law
Foundations of European Law and Polity
Date: 2016
Language: eng
Number of pages: 65
Belongs to series: Finnish yearbook of international law
ISSN: 0786-6453
Abstract: International economic law is dominated by ‘international law’ and ‘economic law’ perspectives. Socio-legal perspectives do gain ground at the margins of the field, but a sociology of international economic law, which addresses not only the subject matter but also the disciplinary dynamics of the field, has so far been missing. Drawing on Polanyi’s The Great Transformation and recent work in the economic sociology of law, this article puts the ‘law of market society’ centre stage in developing a genuine sociology of international economic law. This includes a sociology of law and economics, which exposes how the discipline (power structure) of international economic law is articulated with the discipline (knowledge structure) of law and economics. The law of market society includes all types of law that constitute or regulate the market, be it public or private law, national, international or even transnational law. Taking off from Polanyian ideas, law is conceived as a social institution ‘embedding’ the economy, but also as a ‘fictitious commodity’ which is itself subject to market forces. The tension between law’s commodifying and decommodifying functions, which these concepts illuminate, is reflected in legal discourse. Moreover, it seems to drive ‘law’s great transformation’ from its universalist origins in the nineteenth century to its national closings in the twentieth century, and to its transnational openings in the twenty-first century. In this sense, the law of market society follows itself a ‘double movement’.
Subject: 513 Law
sociology of law
international economic law
transnational law
5141 Sociology
economic sociology
cognitive embeddedness
fictitious commodities
Peer reviewed: Yes
Usage restriction: openAccess
Self-archived version: acceptedVersion
Funder: Valtion perusrahoitus/hankkeet
Academy of Finland
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