LABOR MARKET IN THE CONTEXT OF KARL POLANYI'S APPROACH TO THE CONCEPT OF EMBEDDEDNESS
Corresponding author:
[email protected]
Received
03 September 2022
Revised
-
Accepted
06 November 2022
Available Online
15 November 2022
Abstract
KARL POLANYI STATED THAT ECONOMIC SYSTEM WAS EMBEDDED IN THE SOCIAL STRUCTURE IN PRIMITIVE SOCIETY, HOW EVER, WITH T HE TRANSITION TO MODERN SOCIETY AND THE EMERGENCE OF MARKET ECONOMY, THE SOCIAL STRUCTURE BECAME EMBEDDED IN THE ECONOMIC SYSTEM. ALTHOUGH INDIVIDUALS SEEM TO MAKE ECONOMIC DECISIONS BY TURNING A BLIND EYE TO SOCIAL RELATIONS IN A MARKET ECONOM Y, THERE ARE SOCIAL RELATIONS UNDERLYING INDIVIDUALS' CONDUCT TOWARDS EACH OTHER. THE LABOR MARKET, AS OTHER MARKETS, FUNDAMENTALLY EXPRESSES A SYSTEM THAT OPERATES IN THE DIRECTION OF SUPPLY AND DEMAND, HOWEVER, THE DETERMINATION OF THE LABOR COST BETWEEN EMPLOYEE AN D EMPLOYER IN THE LABOR MARKET IS THE MOST OBVIOUS FORM OF THE COMBINATION OF ECONOMIC AND SOCIAL BEHAVIORS IN THE LABOR MARKET. ACCORDING TO POLANYI, THE ENTITY OF MARKETS IN THE LIBERAL SYSTEM AND THE COMMODIFICATION OF LABOR, LAND, AND MONEY ARE INDICATIONS THAT THE SOCIAL STRUCTURE IS "EMBEDDED" IN THE ECONOMIC SYSTEM. THE AIM OF THIS STUDY IS TO THEORETICALLY DISCUSS THE EFFECTIVENESS OF SOCIAL RELATIONS IN THE FUNCTIONING OF THE LABOR MARKET.
Keywords
LABOR MARKET
EMBEDDEDNESS
KARL POLANYI
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