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In Society and Economy, Mark Granovetter sees the economy as one of many activities in "society" - a term that refers to everything people do with one another and how this adds up to a recognizable whole. Some economic action can be well understood as people rationally using means towards well-defined ends, but much of it is harder to fit into such a simple framework. Actors follow norms that specify the "right" thing to do, at times with passionate belief, and at others, without conscious thought. They trust others when there is no obvious reason to do so. And they wield power over one another that comes from non-economic sources but has major impact on economic outcomes. The book explores how problem-solving actors assemble solutions from this kaleidoscope of principles, in ways that psychologists and philosophers describe as "pragmatic," drawing on arguments ranging from individual psychology to social networks to long-term historical and political analysis.--

Cover -- Half Title -- Title Page -- Copyright Page -- Table of Contents -- List of Figures, Tables, and Charts -- Introduction to the Third Edition -- PART ONE: Foundations of Economic Sociology -- 1 The Economy as Instituted Process -- 2 Economic Action and Social Structure: The Problem of Embeddedness -- 3 The Impact of Social Structure on Economic Outcomes -- 4 Max Weber's Central Text in Economic Sociology -- 5 The Forms of Capital -- 6 Embeddedness and Immigration: Notes on the Social Determinants of Economic Action -- PART TWO: The Sociology of Markets -- 7 The Bazaar Economy: Information and Search in Peasant Marketing -- 8 Human Values and the Market: The Case of Life Insurance and Death in 19th-Century America -- 9 The Transformation of Morals in Markets: Death, Benefits, and the Exchange of Life Insurance Policies -- 10 Economic and Sociological Approaches to Gender Inequality in Pay -- 11 Non-Contractual Relations in Business: A Preliminary Study -- 12 Social Structure and Competition in Interfirm Networks: The Paradox of Embeddedness -- 13 What Is Sociological About Banks and Banking? -- 14 Constructing a Market, Performing a Theory: The Historical Sociology of a Financial Derivatives Exchange -- PART THREE: The Sociology of Firms and Industries -- 15 Group Dynamics and Intergroup Relations -- 16 Men Who Manage -- 17 Bureaucratic and Craft Administration of Production: A Comparative Study -- 18 Processing Fads and Fashions: An Organization-Set Analysis of Cultural Industry Systems -- 19 Inside-Out: Regional Networks and Industrial Adaptation in Silicon Valley and Route 128 -- PART FOUR: Comparative and Historical Economic Sociology -- 20 Weber's Last Theory of Capitalism: A Systematization -- 21 Why the Economy Reflects the Polity: Early Rail Policy in Britain, France, and the United States