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The Handbook of Political, Social, and Economic Transformation$
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Wolfgang Merkel, Raj Kollmorgen, and Hans-Jürgen Wagener

Print publication date: 2019

Print ISBN-13: 9780198829911

Published to Oxford Scholarship Online: March 2019

DOI: 10.1093/oso/9780198829911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 June 2021

Approaches to Transformation in Economics

Approaches to Transformation in Economics

(p.115) Chapter 11 Approaches to Transformation in Economics
The Handbook of Political, Social, and Economic Transformation

Stefan Kolev

Joachim Zweynert

Oxford University Press

Focusing on the history of economics, this chapter provides an overview of important theoretical contributions to understanding the processes of transformation. The central claim is that if economists want to regain their ability to theoretically grasp processes of transformation, they have to overcome the idea that the capitalist reality of a distinguishable economic system of society exists at all places and times. Processes of transformation are exactly about the emergence of a (permeable) border between the political and the economic game, about periods when the economic system with its distinguishable logic comes into existence. If economists want to understand these processes, they have to look not at changes of economic relations alone but to focus specifically on the interplay between political and economic factors.

Keywords:   institutional change, functional differentiation, value sphere, institutional framework, limited access order, open access order, Adam Smith, Karl Marx, Max Weber, Karl Polanyi, Nikolai Bukharin

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