This paper attempts to clarify the concept of relational work for understanding economic life as proposed by Viviana Zelizer. To do so, it first compares the concept to similar notions used in other disciplinary fields. Second, it reinterprets some exemplary economic sociology studies by using the relational work lens to clarify the concept’s utility for empirical analysis. Third, it speculates about the place of relational work in the theoretical toolkit of economic sociologists, in particular its relation to embeddedness. The paper (...) concludes by arguing for the utility of the concept to integrate structural, cultural, and power-focused analyses of economic life, to highlight the often-overlooked role of emotions in economic exchange, and to ground an alternative to rational action theory in economic sociology. (shrink)

Soon after the 2008 financial crisis, Gillian Tett, an anthropologist and the US Managing Editor of the Financial Times, suggested that regulators’ and practitioners’ inability to anticipate and respond to deep problems in the financial industry could be traced back to what she called “silo thinking,” wherein experts in one area know nothing about the methods and research of other areas. As she put it, “the essential challenges for investors today…”—and, we might add, for regulators and academics—is “to understand the (...) micro-details of the silos, and see how all the macro-pieces add up”.In years since, many researchers in many fields have sought to identify causes of the... (shrink)

Unlike recent tendencies to specify the variety of postsocialist trajectories, this article attempts to characterize the common features of postsocialist capitalism, as it has developed since the 1990s in Eastern Europe. Using conceptual tools of economic sociology, the postsocialist socio-economic organization is analyzed as embedded economy, the institutionalization of capitalism as a moral project, and the pervasiveness of informality from the networks and culture perspectives. Economic development is viewed as dependent, simultaneously, on the system’s structural, political and cultural features. For (...) postsocialist capitalism, these features include lack of state autonomy due to close coupling of political and economic roles; the embrace of greed and self-interest as legitimate motives for action; and persistence and bolstering of informality as modus operandi. Stipulations about developmental consequences are provided in the conclusion. (shrink)

This article takes Viviana Zelizer’s (1985) Pricing the Priceless Child to the new millennium. Zelizer documented the transformation between the 19th and 20th century from an “economically useful” to an “emotionally priceless” child. She observed that by the 1930s, American children were practically economically worthless but invested with significant emotional value. What has happened to this emotionally priceless child at the dawn of the new millennium? Has there been a new transformation in the social value of children, and, if so, (...) what might have such a transformation entailed? To address these questions, we examine overtime trends that point to increasing devotion of resources and time to children’s education, a key input in the exceedingly influential human capital theory, which connects investment into children’s human capital with their future market value. Therefore, we argue that the priceless child 2.0 is a useful-to-be human capital investment child. We use four empirical examples of overtime growth in children’s human capital investment: (a) enrollments in early childhood education, (b) federal spending on early education, (c) federal spending on K-12 programs, and (d) parental spending on child care, education and extracurricular activities. In the conclusion, we discuss some potential consequences and concerns about raising children as human capital investment. (shrink)