The Rule of the Market : Economic Constitutionalism Understood Sociologically

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Frerichs , S 2017 , The Rule of the Market : Economic Constitutionalism Understood Sociologically . in P Blokker & C Thornhill (eds) , Sociological Constitutionalism . Cambridge University Press , Cambridge , pp. 241-264 .

Title: The Rule of the Market : Economic Constitutionalism Understood Sociologically
Author: Frerichs, Sabine
Other contributor: Blokker, Paul
Thornhill, Chris
Contributor organization: Faculty of Law
Publisher: Cambridge University Press
Date: 2017
Language: eng
Number of pages: 14
Belongs to series: Sociological Constitutionalism
ISBN: 9781107124042
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.
Subject: 513 Law
5141 Sociology
Peer reviewed: Yes
Usage restriction: closedAccess
Self-archived version: submittedVersion
Funder: Valtion perusrahoitus/hankkeet
Academy of Finland
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